ASIC bans two advisers for five years

The Australian Securities and Investments Commission (ASIC) has banned Gold Coast-based advisers, Trent Allan and Fabrizio Urrutia, from providing any financial services for five years.

They were involved with Vision Wealth, which established a website called Australian Super Search, which was used to attract clients by helping them find their lost superannuation through the Australian Tax Office’s (ATO) free service.

The search results were used by Allan and Urrutia to provide clients with superannuation consolidation and insurance advice, and clients were signed up to an ongoing service arrangement.

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ASIC found that Allan and Urrutia had not complied with financial services laws and the corporate regulator had reason to believe that they were not adequately trained or competent to provide financial services.

ASIC said both provided advice without a thorough investigation of the clients’ needs and objectives.

“In many cases, they did not make adequate enquiries about their clients’ existing superannuation and insurance products,” ASIC said.

“Their advice also failed to provide appropriate reasoning for recommending the replacement of existing products.

“ASIC found that, in providing this advice, Mr Allan and Mr Urrutia failed to act in the best interests of their clients and prioritised their own interests over their clients’ interests.

“ASIC also found that advice documents, comparing the existing and recommended products, were materially misleading.”

Both were authorised representatives (ARs) of Australian financial services licensee (AFSLs) Financial Masterplan from 24 June, 2016, until 25 May, 2021.

The bannings were recorded on the Financial Advisers Register and the Banned and Disqualified Persons Register.




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"...the corporate regulator had reason to believe that they were not adequately trained". Really?
“In many cases, they did not make adequate enquiries...." How detailed is adequate when ASIC comes looking?
“ASIC also found that advice documents, comparing the existing and recommended products, were materially misleading.” - how misleading, and in how many files?
Chris, you report this stuff but do you ever wonder what is really happening? Seriously, ASIC state reason to believe not qualified.
Regulator or Predator?

Predator.

ASIC is corrupt for sure, again a number of planners banned and yet hard to distinguish what they did compared to union super tele-operators and 'representatives' doing exactly the same on a much larger scale?

Sure we have our own principles and standards to uphold, so I am not upset that this group may have been found out and stopped, but i just wonder why there is such an uneven playing field in this space and why we never ever see these actions taken on ASIC's pet sacred cow called union super?

I reckon the sooner we are rid of these criminals the better. They give bad advice, charge high fees and do bugger all compliance work while the rest of us struggle to charge our clients the fees we need because we don't think it's fair to charge clients for all the ridiculous compliance work we need to do.

and aren't you the righteous one.

Good little boy patted on the head by banking and Industry Fund executives as they take all the value created in these transactions and you take all the risk and the "salary" THEY determine you are worth.

Pathetic.

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