ASIC bans planner
The securities regulator has banned a financial planner from working in the industry for two years after an investigation found he sent out identical Statements of Advice to 90 clients recommending that they roll over their superannuation savings into a fund in which his firm had a financial interest, without first determining the appropriateness of the advice.
Michael Parker was an authorised representative for Australian Financial Service (AFS) and provided financial planning through Associated Professional Advisers based in Hornsby, NSW.
According to the Australian Securities and Investments Commission, Parker failed in his duty to provide advice that meets a client’s specific needs and that takes into consideration the appropriateness of the advice.
Parker has yet to lodge an appeal to have the decision reviewed by the Administrative Appeals Tribunal.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
