Former Countplus-aligned adviser removed from financial services
The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking from an authorised representative of dealer group, Total Financial Solutions Australia (TFSA), after investigations found he failed to act in his clients' best interest when providing advice.
Brian Dobinson, of Redcliffe, Queensland, has been permanently prevented from being involved in any capacity in the provision of financial services or products.
ASIC found Dobinson had:
- Used a ‘one size fits all' advice model regardless of individual client circumstances;
- Failed to properly consider and advise whether it was in the best interests of a client to switch from existing defined benefit superannuation products to accumulation superannuation products;
- Advised clients to switch superannuation funds when it was not appropriate to do so;
- Disclosed fees and charges in a way that made the recommended product appear cheaper than it actually was; and
- Failed to demonstrate the ability, professional skills and knowledge required to competently provide financial services.
Dobinson provided financial product advice through his related entities including Dobinson Financial, Dobinson Holdings, and Lighthouse Redcliffe.
He was an authorised representative of TFSA, a wholly-owned subsidiary of Countplus, between 1 October, 2010 and 11 December, 2015.
A remediation program was implemented for TFSA clients who received advice from Dobinson.
The program is being overseen by an independent expert with the aim of ensuring any clients who were provided advice that was not in their best interest would receive appropriate remediation including, if applicable, compensation.
ASIC deputy chairman, Peter Kell, said: "In instances where advice is provided to consumers to switch from existing superannuation products, especially defined benefit style funds, the adviser must ensure all necessary investigation of both the existing and recommended products has been undertaken".
"ASIC will not tolerate advisers who place their interests above those of their client and provide product advice that is not appropriate to the client," Kell said.
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
