ASIC has accepted an enforceable undertaking (EU) from a Brisbane-based adviser that will prevent him from providing retail financial product advice after he exposed clients' superannuation to "inappropriate levels of risk".
Mr Rankothge Bandula (Ben) Jayaweera, a director and authorised representative of Growth Plus Financial Group, recommended that clients invest in an unregistered aqua-agriculture investment scheme, operated by Growth Plus, without reasonably considering the clients' goals and financial situation.
He recommended investments that were not consistent with the clients' risk profile and exposed the clients' superannuation benefits to inappropriate levels of risk.
Under the EU, Mr Jayaweera will cease permanently to provide, or be involved in any capacity in the provision of financial product advice to retail clients.
ASIC's review of advice provided by Mr Jayaweera began after the Financial Ombudsman Service notified ASIC of the non-payment by Growth Plus of a determination relating to advice provided by Mr Jayaweera.
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