Qld adviser receives 5-year ban
ASIC has banned a Queensland adviser from providing financial services for five years after failing to provide appropriate advice that was in the best interest of his clients.
Grant Richard Thomson was authorised by Australian Mortgage and Financial Advisers Pty in Brisbane, but a review of his advice by ASIC found he failed to provide financial advice to his clients that was in their best interests and appropriate for them and to prioritise his clients’ interests.
The insurance advice by Thomson included recommended levels of cover that incorporated mortgages which the clients had not yet obtained.
The review further identified that Thomson arranged for clients to sign application forms, ongoing advice service agreements and authority to proceed documents prior to clients receiving statements of advice.
He was an appointed financial adviser with Australian Mortgage and Financial Advisers Pty Ltd from 1 September 2023 to 27 November 2023, and an appointed financial adviser with LFG Financial Services Ltd from 28 November 2023 to 24 March 2025.
ASIC found it has reason to believe Thomson is not a fit and proper person, is not adequately trained, or is not competent to participate in the financial services industry, and is likely to contravene a financial services law.
As a result, ASIC has banned him from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business (with some limited permissions).
These limited permissions include:
- Until 31 August 2025, control, whether alone or in concert with one or more other entities, each of Balanced Life Financial Group Pty Ltd (BLFG) and Balanced Life Wealth Strategies Pty Ltd (BLWS); and
- Until 30 September 2025, perform any function involved in the carrying on of a financial services business by either BLFG or BLWS.
The banning has been recorded in ASIC’s banned and disqualified register, and he has a right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
AUTHOR
Laura Dew
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
