A former authorised representative of ANZ-owned Millennium3 and CBA-linked Total Financial Solutions has been handed a five-year ban but will appeal the decision.
Travis Byron McLean is seeking review of an ASIC banning order, taking the corporate regulator to the Administrative Appeals Tribunal.
On 8 August, ASIC banned Mr McLean from providing financial services for a period of five years after failing to “act in his clients’ best interests when providing advice” or comply with relevant legislation.
As part of its Wealth Management Project scrutinising the six largest financial advice providers, ASIC surveillance of Mr McLean found that he did not provide sufficient detail in an SOA, did not keep proper records, make reasonable inquiries into client goals and objectives, determine if the insurance cover recommended was appropriate or conduct a “reasonable investigation” into alternative financial products.
The misconduct took place while Mr McLean was an authorised representative of Millennium3 between July 2006 and December 2014 and TFS – a subsidiary of Countplus, which is part-owned by the Commonwealth Bank – between February 2015 and July 2017.
“The business model of simply 'selling' life insurance without complying with the legal and regulatory obligations will not be tolerated by ASIC. Advisers who fail to give compliant advice will be removed from the industry,” said ASIC deputy chair Peter Kell.
Mr McLean’s is one of just two appeals that have been filed out of the 36 banning orders handed down to institutionally-aligned advisers as part of the Wealth Management Project.
FASEA has formally registered a legislative instrument to grant three months' CP...
ASIC has revealed it was forced to take action on more than a dozen incidents of...
The government has flagged it may look at extending regulatory provisions for sc...