Tasmanian planner escapes conviction
Tasmanian financial planner Brendan Moore has escaped a criminal conviction, despite pleading guilty to not giving four of his clients Statements of Advice (SOAs) after he had helped them switch superannuation funds.
“I don’t feel this case deserves any penalty. Therefore, I will not record a conviction and will place you on a good behaviour surety of $1,000 for 12 months,” the judge ruled in the Hobart Magistrates Court.
The Australian Securities and Investments Commission (ASIC) had pursued a criminal prosecution of Moore since it discovered his failure to distribute the disclosure documents mid last year. ASIC has the option to appeal the decision.
The head of Moore’s dealer group, Financial Services Partners chief executive Geoff Rimmer, said he thought the ruling was “the best outcome for everyone”.
“It’s a good outcome for ASIC because if they wanted to highlight that they’re taking the SOA issue seriously ... they’ve achieved it.
“For Brendan and for us the legal fees have run well into excess of $50,000.”
Despite the Court’s ruling, the Financial Planning Association (FPA) said it would continue its own investigation into Moore.
“The FPA will continue its investigations in accordance with its own code of conduct and obligations to professional standards, which all members subscribe to as part of their membership,” a spokesperson said.
ASIC’s case against Moore attained notoriety in April this year when Rimmer revealed that the planner was experiencing difficulties in his personal life when the alleged offences took place.
Rimmer said the four clients, who were two couples, had suffered no financial hardship following their request to have their super switched and expressed happiness with Moore’s level of service.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
