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 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. Read more...

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 was an employee representative of Westpac from 2010 to 2015 and an authorised representative of a company wholly owned by NAB from 2015 to 2017. Read more...

5 year ban for former Commonwealth Financial Planning adviser

ASIC has banned a former authorised representative of Commonwealth Financial Planning , Kimberley Holgate of Wagga Wagga, from providing financial services for five years.

ASIC says it found Ms Holgate “engaged in conduct that was likely to mislead by cutting clients’ signatures from documents held on file and pasting them onto new document”.

The regulator also says it found Ms Holgate did not act in the best interest of clients when advising rolling over super to a new product issued by a related entity of the Commonwealth Bank, advised them to cancel existing insurance and apply for policies with CommInsure and “failed to prioritise the interests of her clients when advising them to acquire financial products which entitled her, her employer and its related entities to a financial benefit”. Read more...

Three year ban after wrongly advising withdrawal from SMSF

ASIC has banned an advisor from providing financial services for three years after finding a client was wrongly advised they could withdraw money from an SMSF and failing to prioritise the interests of the client in recommending a loan.

“ASIC has banned Mr Ramana Rao of Heathpool, South Australia, from providing financial services for three years because he was not adequately trained or competent and demonstrated a lack of professionalism, judgement and integrity when advising some of his SMSF clients,” said the ASIC announcement. Read more...

ASIC bans Queensland adviser for three years for SMSF property advice

ASIC has banned a Queensland financial adviser from providing financial services for three years in relation to advice to use SMSFs to buy property.

The regulator announced that it has banned Drew Grosskreutz after finding he advised clients to set up SMSFs to buy property using Limited Recourse Borrowing Arrangements (LRBAs) “without considering if this was in their best interests”.

ASIC said it found Mr Grosskreutz had failed to properly identify what his clients wanted advice on, failed to reasonably investigate what financial products would best suit their needs and failed to “give priority to his clients’ interests”. Read more...