An adviser will be excluded from providing financial advice under the terms of an enforceable undertaking (EU) accepted by the corporate regulator.
Former Hart Ensole authorised representative Dean Hartmann has agreed to cease providing financial services for “a period of at least five years” and will be subject to “supervision requirements” when he rejoins the industry as part of the EU.
ASIC found Mr Hartmann has “failed to meet his financial advice obligations” and failed to act in clients’ best interests.
The regulator said Mr Hartmann failed to conduct “reasonable investigations” into clients’ insurance requirements or relevant products, and had recommended some clients switch their insurance without demonstrating why it was appropriate to do so.
The regulator acknowledged “Mr Hartmann’s co-operation” throughout the investigation.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 14 Dec 2018ASIC clarifies RG 146 requirements for advisersBy Adrian Flores
- 14 Dec 2018Sargon Capital acquires listed robo adviserBy James Mitchell
- 14 Dec 2018Industry body flags CPD burden under FASEA proposalBy Adrian Flores
- 14 Dec 2018Adviser exodus creating ‘enormous opportunity’ for accountantsBy Jotham Lian
- 14 Dec 2018Advisers embracing ESG investing, says surveyBy Adrian Flores
- 13 Dec 2018AFA picks apart CPD policy from FASEABy Adrian Flores
- view all