NSW financial adviser banned for three years
Sydney-based financial adviser Tarandeep Aujla has been banned from providing financial services for three years for failing to act in his clients’ best interest, including inappropriate recommendations for insurance.
The Australian Securities and Investments Commission (ASIC) reviewed advice provided by Aujla to his clients while he was an authorised representative of the Australian Financial Services (AFS) licensees Infocus Securities Australia and Chaucer Group.
The surveillance found Aujla did not obtain adequate information from clients about their personal circumstances.
He had recommended new insurance products to clients without identifying or taking into consideration their existing products.
Aujla made recommendations about insurance coverage solely on client direction, instead of undertaking thorough analysis of their needs and the impact on their superannuation balance.
Aujla still had the right to appeal to the Administrative Appeals Tribunal (AAT).
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