Perth adviser banned for four years
The Australian Securities and Investments Commission (ASIC) has banned Perth-based financial adviser, Lawrence O’Neill, from providing financial services for a period of four years.
O’Neill, who was an authorised representative of NAB-owned Godfrey Pembroke Limited and Wealthsure Financial Services, was said to have failed to comply with financial services laws and was not adequately trained.
According to ASIC, he did not properly consider his clients’ circumstances or objectives and, in some cases, did not consider their existing products when providing personal advice.
The regulator also found that he failed to disclose to his clients his relevant associations and relationships with product issuers.
ASIC said it expected financial advisers providing personal advice to prioritise their clients’ interests over their own and to be transparent about potential conflicts of interest so clients can make better informed decisions.
The banning of Mr O’Neill came as a part of ASIC’s ongoing efforts to improve standards across the financial services industry and it would be recorded on ASIC's publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.
O’Neill has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Recommended for you
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years in the position.
As statements of advice move into the rear-view mirror, Vital Business Partners explores how financial advisers are adopting innovative documentation strategies.
Adviser Ratings has explored whether there is a financial benefit to advice firms seeking to have a specialised client base in terms of client assets and fees charged.
