The Cronulla-based adviser agreed under the terms of the EU not to provide financial advice for two years after the regulator found he had advised clients to establish an SMSF or switch superannuation funds and insurance arrangements without “appropriate consideration” of existing arrangements.
ASIC also said Mr Fraser had not disclosed information about relationships he had with external parties, and the remuneration agreements he had with those businesses that were capable of influencing his advice, and failed to provide an SOA for personal advice.
Mr Fraser will be required to complete “additional self-managed superannuation fund training and adhere to supervision requirements” if he chooses to re-enter the industry at the end of the two-year exclusion period, ASIC said.
The regulator acknowledged Mr Fraser’s co-operation with its surveillance.
The enforceable undertaking agreed to by Mr Fraser comes two-weeks after ASIC placed licence conditions on MyPlanner’s AFSL following an investigation that found a number of its advisers had provided “poor financial advice”.
How can a class action be taken against My Planner for its poor advice and returns being below industry norms.
As I have said in other forums if you look at some of these Dealer Groups whose web sites seem planner centric, tell you they own wonderful systems, state how you can run your own business and not be dictated to by an institution, then see they have maybe 4 directors tops, not one dedicated to compliance…. Yep you start to wonder what Supervision and Monitoring they have of all their reps.
Why one I read yesterday had this ” Paperless cloud-based compliance. We’re all about efficiency, say goodbye to painful annual audits.” –“We are not going to have one of our auditors in your office for days once a year sifting through everything, we’ve got a paperless quarterly system that’s built for doing business in 2016 not 1916.”
All I can say is Audits and actually eyeballing and seeing what is going out the door in your dealer name is vital, you can use technology to target your audits, but when an EU is forced on you the clip of the ticket and not paying attention to what is really happening under your license becomes expensive.
Gee i wonder when every accountant who has been doing the same thing for an eternity will face the same consequence? Never is my guess….
Looks like the IFA magazine awarded Philippa Sheehan is not as good as her propaganda machine will let you believe. Maybe ASIC should shut her and her licence down for the sake of the industry. Rogue managers need to also be weeded out.
That’s a bit extreme. They have a licence condition to address the issues.
This guy should never have been advising. It is because of ‘Advisers’ like James that the industry is under such scrutiny. Let’s hope he never returns and his clients’ haven’t financial suffered due to his incompetence. Utterly disgraceful.
Good to see ASIC broadens its approach from the major players to the smaller dealer groups. Now we see that poor advice is not just a problem of the institutions. This will continue and help weed out the Cowboys, no matter where they are.
Unfortunately this extends to some at My Adviser hopefully ASIC will look backwards to weed out the bad apples
Hopefully the Dealer will take it’s responsibility to it’s license seriously and throw out those bad apples before ASIC does.. it’s not for ASIC to weed them out.
Oh , sorry I thought that is what ASIC was set up and is now going to take fees from us to do , exactly that , weed them out . Its a pity you don’t understand that .Not everyone has a Dealer group and you must know that they is a queue as long to the moon waiting for planners to go Independant . How is ASIC going to monitor that ??
But they wont ,because every third adviser is going to say lets set up a SMSF for what ? flexability ? Come on, ASIC , satrt looking at SMSF start ups .
Surprised it did not happen earlier for him. Hope part of the EU was to make good his clients that he ripped off
Another one bites the dust. Seems there has been more bannings/EUs/Licence conditions this year, than any other. Good to see advisers doing the wrong thing caught.