ASIC bans former Westpac and NAB adviser
The Australian Securities and Investments Commission (ASIC) has banned Brisbane-based former Westpac and National Australia Bank (NAB) adviser, Christopher Ramsay, from providing financial advice for five years for failing to act in the best interests of his clients.
ASIC found Ramsay had failed in his obligations when he provided advice to his Westpac and NAB-subsidiary, GWM, clients to switch their superannuation and insurance products.
An ASIC investigation found Ramsay failed to make inquiries to assess whether the clients’ existing products met their needs and provided misleading information to support his recommendations for the clients to switch products.
The investigation found Ramsay created misleading fee comparison tables in advice documents and made a misleading statement in an advice document which stated the client’s existing insurer did not offer income protection insurance when it did.
Ramsay’s ban is part of ASIC’s Wealth Management Project, which focused on the conduct of the largest financial advice firms and has already banned 42 advisers and one director from the financial services industry.
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