ASIC bans inadequately trained planner
A Hobart financial planner who was not adequately trained, despite holding a Dipoma of Financial Planning from Kaplan, or competent to provide financial services has been banned for five years by the Australian Securities and Investments Commission (ASIC).
The regulator also found that the planner, Matthew Geappen, had failed to act in the best interests of his clients, give appropriate advice and give priority to the interests of his clients over his own.
ASIC’s findings related to Geappan’s actions when he was an authorised representative of a Commonwealth Bank subsidiary, Financial Wisdom Limited, from 2006 – 2016. In that time, he provided advice on superannuation, insurance and income protection products, advising clients to switch between insurance products to enable him to generate commission. He had previously been a representative for Dover Financial too, although ASIC's decision related to his time at Financial Wisdom.
Following the regulator’s decision, Geappan appealed to the Administrative Appeals Tribunal.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.