James Fraser of MyPlanner will be excluded from the industry for two years as part of an enforceable undertaking after ASIC found he had failed to act in his clients’ best interests.
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”.
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