The Australian Securities and Investments Commission (ASIC) has identified and subsequently banned another financial planner for providing inappropriate advice in relation to Westpoint.
Perth-based planner Pierre Schinazi was found to have made misleading statements to clients concerning the features of Westpoint products while also failing to provide a reasonable basis for making the recommendations. Schinazi was banned from providing financial services for five years.
He was the sole director and responsible officer of Ascare Financial Services at the time the recommendations were made.
Schinazi’s banning brings the number of licensed advisers ASIC has banned over Westpoint to 19.
