ASIC accepts EU from adviser
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.
AUTHOR
Anastasia Santoreneos
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
