Planner banned for inadequate SOAs
The corporate regulator has banned a South Australian-based financial planner from providing advice for the next two years for providing late and inadequate Statements of Advice (SOAs) and failing to meet disclosure requirements.
The Australian Securities and Investments Commission (ASIC) found Garry Meggison, a Piccadilly South Australia-based authorised representative of Genesys Wealth Advisers, failed to give SOAs to three clients in the required timeframe and that, when he did get around to providing them, they did not contain appropriate bases for the advice or adequately disclose the costs of recommended products. ASIC also found the SOAs failed to disclose the significant consequences of replacing existing products.
ASIC was alerted to the case when Genesys provided it with a report on the matter. ASIC found that Meggison’s conduct breached financial services laws and that there was reason to believe he would not comply with these laws in the future.
In a statement to media, ASIC executive director Jennifer O’Donnell acknowledged the co-operation of licensees in reporting this type of misconduct.
“It is important that licensees have systems in place to detect breaches and report them early to ASIC,” she cautioned.
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