Failing best interest duty for SMSFs leads to 5 year ban

ASIC has banned a Perth-based financial adviser from providing financial services for five years for failing to meet the best interest duty when advising on SMSFs. ASIC announced that it had banned Wayne Blazejczyk from providing financial services for five years, following surveillance of advice he gave while an authorised representative, along with responsible manager… Continue reading Failing best interest duty for SMSFs leads to 5 year ban

Four year ban for advising “almost all” clients to borrow in SMSFs

ASIC has handed down a four year ban from the financial services industry, after finding a former financial adviser told “almost all” his clients to borrow in an SMSF to buy property. ASIC announced that it is has banned Adrian Khaw from providing financial services for four years, based on surveillance of his activities as… Continue reading Four year ban for advising “almost all” clients to borrow in SMSFs

Adviser dishonestly borrowing from client SMSFs leads to permanent ban

Dishonestly borrowing money from the SMSFs of clients has led to a former financial adviser being permanently banned from the industry. ASIC announced that it has permanently banned Robert Shane Michael from providing financial services, after finding he dishonestly borrowed money from clients’ SMSFs and used the money for personal expenses. “ASIC’s investigation found that… Continue reading Adviser dishonestly borrowing from client SMSFs leads to permanent ban

Adviser who appeared before Banking Royal Commission banned for three years

A financial adviser who appeared before the Banking Royal Commission has been banned from providing financial services for three years by ASIC. ASIC announced that it has banned Sam Maxwell Henderson from providing financial services for three years. At times described as a ‘celebrity financial adviser’, due to his TV and other media appearances, advice… Continue reading Adviser who appeared before Banking Royal Commission banned for three years

5 year financial services ban for super and insurance switching advice

ASIC has banned a financial adviser from providing financial services for five years in connection to superannuation and insurance switching advice. ASIC announced that it had banned Beenleigh financial adviser Frazer Jon Muscat from providing financial services for five years, following surveillance by ASIC of advice he gave while an authorised representative of Bristol Street… Continue reading 5 year financial services ban for super and insurance switching advice

Former Westpac adviser permanently banned by ASIC

ASIC has permanently banned an adviser from providing financial services or engaging in credit activities because of dishonest conduct while he was working for Westpac. ASIC announced that it has permanently banned Subeer Luthra from providing financial services, in relation to conduct when he was an authorised representative of Westpac Banking Corportion. ASIC says it… Continue reading Former Westpac adviser permanently banned by ASIC

5 year adviser ban connected to setting up SMSFs for borrowing

ASIC has banned a financial adviser from providing financial services for five years, in connection to advice on SMSF borrowing. The regulator announced that Gold Coast adviser Daniel John Renneberg had been banned from providing financial services for five years for failing to act in the best interest of his clients. ASIC reviewed the advice… Continue reading 5 year adviser ban connected to setting up SMSFs for borrowing

SMSF adviser banned for four years following ASIC survey of SMSF advice

ASIC has banned an SMSF adviser for four years and suspended a financial services licence, following from a broader review of SMSF advice. Late in June ASIC said it had found around 90% of SMSF set-up advice didn’t comply with relevant laws, and 10% was likely to leave clients significantly worse off. At the time… Continue reading SMSF adviser banned for four years following ASIC survey of SMSF advice

Four year ban for former Suncorp Financial Services adviser

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… Continue reading Four year ban for former Suncorp Financial Services adviser

ASIC bans former Westpac & NAB adviser for 5 years for super advice

ASIC has banned a former Westpac and NAB financial adviser from providing financial services for five years, due to superannuation advice that in some cases “significantly” reduced clients’ superannuation savings. ASIC announced it had banned Christopher Ramsay for failing to act in the best interest of clients and giving advice that was not appropriate. Mr Ramsay… Continue reading ASIC bans former Westpac & NAB adviser for 5 years for super advice