A West Australian non-bank adviser has been banned from providing financial advice for a period of five years after the regulator found he had failed to act in the best interests of his clients.
Philip Leake, who the ASIC adviser register lists as a representative of non-bank advice firm WealthSure Financial Services, did not consider his clients circumstances or the kind of coverage they would need when selling life insurance.
“Mr Leake failed to make a reasonable assessment of which life insurance products might be best suited to his clients’ needs,” the regulator said.
“ASIC also found that Mr Leake made false and misleading statements in his statements of advice, claiming to have considered his clients' circumstances in relation to the waiting periods for income protection policies when he had not.”
ASIC’s findings were part of the regulator’s Life Insurance Lapse Data Project, which in January identified Duane Wright of Centrepoint-owned Alliance Wealth as failing to undertake adequate findings into clients’ circumstances during his time as an adviser with GuardianFP.
Mr Wright accepted an enforceable undertaking from the regulator that required him to undergo additional training and adhere to “strict supervision” for 12 months.
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