In a statement, ASIC said Mr Luplau did not clearly explain what the advice he provided was about, consider clients’ relevant personal and financial circumstances.
Additionally, the regulator said Mr Luplau had failed to compare products he recommended to products already held by clients, or provide appropriate disclosure of the benefits and consequences of replacing these products.
“ASIC found that Mr Luplau’s record-keeping practices were inadequate, that he failed to act in the best interests of his clients, and that he gave advice to clients which was well below community expectations,” the regulator said.
Mr Luplau was an employee representative of Westpac Banking Corporation between February 2005 and March 2010, before becoming an authorised representative of AMP-owned Charter Financial Planning from December 2013 until July 2016.
Seems the regulator is underfunded and only goes after the corporate Planners – imagine if they had sufficient funding to look in to the practices of some of the smaller players in the market – then you might see what is really going on!!!
We need to be wary of dumping on ASIC given that the are underfunded and bullied by a government that is protecting the big end of town…hence it’s OK for ASIC to take out small players but they get little support when tackling those with bigger budgets. It’s true that some in ASIC are not so good at their job – that’s a universal problem – but they are NOT to blame for others’ bad behaviour. Personally, I support ASIC and want them better funded and with more strength.
Not saying the regulator shouldn’t have banned this Adviser.
But I wonder how many Bank / Institutional CEOs, Executives & Managers get banned for all the horrendous corporate behaviour shown from the Royal Commission?
My guess will be ZERO.
ASIC should for once attack the top end of the financial industry for conduct sooooo farrrrrrr below community expectations.
And whilst at the top end how about we see some banning of ASIC executives who’s conduct is also well below community expectations.
I must be a dreamer to even think of such 🙄
Maybe getting them to update their education and complete ethics courses will also weed out those that are just riding the gravy train… you know the saying, those that can’t do….!:D
He’ll be at Dover in 2023…
Yes a stupid licensing system where the holder of that license never incurs any penalty whatsoever. You’d think they’d lose a point, have a suspension or fine dished out. In another month the Royal Commission will be over, some large fine will be imposed on these firms in which the annual dividend will fall from 5.47% to 5.46% and we’ll be back to attacking advisers as the number 1 defense of large institutions. Under the current system, of no fines, we just wait till something blows up like the recent CBA advice scandal and the CBA just ends up paying back a very small percentage of victims and we end up with FASEA and the FPA ends up with more members.
If we had an independent advice body/FPA we could fine the licensee on each of these occasions rather than pandering to their every need. A nice little revenue source for them as opposed to being their puppet.