ASIC bans NSW adviser for four years

8 January 2020

The Australian Securities and Investments Commission (ASIC) has banned financial adviser David O’Brien, of NAB-owned GWM Adviser Services Limited, from providing financial services for four years.

The Northern NSW-based had also been an authorised representative of AMP-owned Charter Financial Planning Limited.

ASIC found he failed make sufficient inquiries into his client’s circumstances, conduct reasonable investigations into their existing financial products, and provide advice based on his clients’ personal circumstances.

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When it came to advice on superannuation, ASIC found he made no inquiries into matters such as costs, investment strategy, or whether his clients already had any insurance in place in their existing super arrangements.

When providing insurance advice, O’Brien failed to prepare a needs analysis or objectively assess what level of insurance cover would achieve his clients’ needs.

One of his clients had their cover declined for pre-existing medical conditions after their existing insurance had been cancelled, which had left them uninsured.

O’Brien had the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

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