ASIC has banned a former Suncorp Financial Services financial adviser for four years after finding he failed to act in his clients’ best interests.
ASIC announced that it has banned Gerald Grubwinkler, of Queensland, from providing financial services for four years. The regulator found that Mr Grubwinkler had failed to: “adequately identify the subject matter and scope of the advice sought by his clients”, “make reasonable enquiries into his clients’ relevant circumstances, such as obtaining information on income and living expense”, “adequately investigate alternative strategies and products that may have been suitable for his clients’ objectives” or provide a Statement of Advice (SOA) when recommending the establishment of an SMSF.
ASIC says it reviewed advice provided by Mr Grubwinkler while he was an authorised representative of Suncorp Financial Services Pty Ltd, which was from 19 March 2009 to 20 May 2016. He was later an authorised representative of other licensees.
ASIC notes that Mr Grubwinkler has a right to appeal to the Administrative Appeals Tribunal for a review of the decision.
The ban will be recorded on ASIC’s Financial Advisers Register.