Queensland adviser banned
A Rockhampton-based financial adviser has been banned from working in the financial services industry for five years for failing to properly justify his advice to clients through Statements of Advice (SOAs).
According to the Australian and Securities and Investments Commission (ASIC), Michael Richard Irwin didn’t spell out the strategies he used to invest clients’ money via SOAs while he worked for Synchronised Business Services Pty Ltd between June 2012 and June 2013.
He also failed to take into account the existing insurance situation of some of his clients before recommending they purchase new insurance products.
ASIC deputy chairman, Peter Kell, said it was clear he did not put the interests of his clients first or act in a transparent manner
“ASIC is focused on removing financial advisers whose behaviour undermines confidence and trust in the advice industry,” he said.
Recommended for you
Two commentators have shared why cultural alignment can be the biggest deal breaker when it comes to advice M&A and how to ensure a successful fit.
Formal education has played a large role in enhancing the advice profession over the last decade but, with the bar now so high, two advisers debate whether it is necessary to complete additional study.
With an abundance of private market options coming to market, due diligence becomes increasingly important as advisers separate the wheat from the chaff, adviser Charlie Viola has said.
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
