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.
AUTHOR
Hannah Wootton
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