ASIC has accepted an enforceable undertaking (EU) from a former authorised representative of Professional Investment Services.
The corporate regulator has announced that Victoria-based adviser Seamus O'Brien – trading as Cambridge Financial Planning in South Yarra – has entered an EU following an ASIC review of advice provided to clients.
Mr O'Brien was reported to ASIC by his former licensee, PIS, who alleged the adviser recommended products that were not on the dealer group's approved product list.
An ASIC investigation subsequently found Mr O'Brien failed to demonstrate a "reasonable basis for the advice provided" and failed to comply with a Statement of Advice and record-keeping requirements, among other breaches.
Under the terms of the EU, he will not provide financial services for a minimum of one year.
PIS terminated his authorisation in December 2013.
SUBSCRIBE TO THE IFA DAILY BULLETIN
News
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- 15 Nov 2018ASIC flexes its muscles at independent advisersBy James Mitchell
- 15 Nov 2018FPA hands down $50,000 fine on Sam HendersonBy Adrian Flores
- 15 Nov 2018Adviser reviews critical to client retentionBy Adrian Flores
- 14 Nov 2018ASIC bans financial services representativeBy Eliot Hastie
- 14 Nov 2018Fintech should make advice ‘enjoyable’By Adrian Flores
- view all
