The corporate watchdog has banned Perth self-managed superannuation fund (SMSF) adviser, Wayne Blazejczyk from providing financial services for five years for failing to meet best interests obligations.
Blazejczyk was an authorised representative, responsible manager, and director of Australian financial services licensee Ballast Financial Management since 1 October 2003.
The Australian Securities and Investments Commission (ASIC) found that Blazejczyk recommended clients with low super balances to set up a SMSF.
“Blazejczyk exposed his clients to financial harm because the ongoing SMSF costs were higher than the costs of their existing superannuation fund,” ASIC said.
He also recommended that his clients invest in the Bateau Global Opportunities fund of which Blazejczyk was the investment manager of. He was also the owner and beneficiary of the SMSF administration service he recommended.
ASIC said it found that he failed to prioritise his clients’ interests before his own.
“In statements of advice to his clients, Blazejczyk also failed to disclose his interests in entities related to him and the associated benefits and remuneration he would receive that could influence the advice he provided,” ASIC said.