The Australian Securities and Investments Commission (ASIC) has banned Mark Alexander Rothnie for three years for failing to act in the best interests of his clients and failing to provide appropriate advice.
The Queensland adviser was banned as a result of work ASIC undertook as part of its Life Insurance Lapse Data (LILD) Project and data provided to ASIC by life insurers led to further investigation of a number of advisers, including Rothnie.
The surveillance was conducted while Rothnie was an authorised representative of Australian financial services licensee (AFSL) GPS Wealth Limited.
ASIC found he had failed to properly investigate and document his clients’ relevant financial and personal circumstances, leading to inadequate advice.
He also did not give proper consideration to clients’ existing insurance products before recommending to switch them which resulted in clients being worse off.
The banning would be recorded on ASIC’s publicly available Financial Advisers Register and on the Banned and Disqualified Persons Register.