Perth-based adviser Desmond Luplau has been banned for five years after the corporate regulator found his conduct fell “well below community expectations”.
In a statement, ASIC said Mr Luplau did not clearly explain what the advice he provided was about, consider clients’ relevant personal and financial circumstances.
Additionally, the regulator said Mr Luplau had failed to compare products he recommended to products already held by clients, or provide appropriate disclosure of the benefits and consequences of replacing these products.
“ASIC found that Mr Luplau’s record-keeping practices were inadequate, that he failed to act in the best interests of his clients, and that he gave advice to clients which was well below community expectations,” the regulator said.
Mr Luplau was an employee representative of Westpac Banking Corporation between February 2005 and March 2010, before becoming an authorised representative of AMP-owned Charter Financial Planning from December 2013 until July 2016.
The number of Australians entering retirement has presented an enormous opportunity for financial advisers according to an investment specialist. ...
Sally Loane is stepping down as the CEO of the Financial Services Council after seven years at its helm. ...
Macquarie Group's asset management division is plotting its US expansion. ...
Get notifications in real time and stay up to date with content that matters to you.
