Victorian financial adviser banned for three years
The Australian Securities and Investments Commission (ASIC) has banned Victorian financial adviser, Julie Hamilton from providing financial services for three years for failing to act in her clients’ best interests.
ASIC looked into advice provided by Hamilton to clients while she was an authorised representative of both CBA-owned Financial Wisdom, from 2011 to 2014, and an authorised representative of Dover (since November, 2014).
The regulator found that at that time she failed to:
- Make enquires into her clients’ financial circumstances when recommending switching their superannuation and insurance
- Consider her clients’ circumstances when providing advice on superannuation and insurance
- Give priority to the interests of her clients when providing advice; and
- Disclose fees and charges associated with the implementation of her advice
ASIC also said that the banning was part of its Wealth Management Project aimed at lifting the standards of major financial advice providers and focused on the conduct of the largest financial advice firms such as NAB, CBA, ANZ, Macquarie and AMP.
So far 38 advisers within the financial services industry have been banned, with six bannings being the subject pf appeals, as a part of ASIC’s Wealth Management Project.
Hamilton has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
AUTHOR
Oksana Patron
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
