ASIC accepts EU from adviser

5 September 2018
| By Anastasia Santoreneos |
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Wollongong-based MyPlanner Australia financial adviser, James Phillip Allen, has been dealt an enforceable undertaking (EU) from the Australian Securities and Investments Commission (ASIC) after he failed to act in the best interests of his clients.

ASIC found that Allen failed to:

  • Make reasonable enquiries into his clients’ relevant personal circumstances prior to giving advice;
  • Consider and properly investigate the subject matter of advice;
  • Provide appropriate advice.

Under the EU, Allen agreed to not provide financial services, become a director, or hold a managerial position in an Australian financial services licensee for three years.

The EU requires Allen to also complete a degree or equivalent qualification, pass an exam and undertake a supervised year of work and training should he wish to re-enter the financial services industry.

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