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.
News
- 20 Feb 2019ASIC probe finds widespread inappropriate advice at HSBCBy James Mitchell
- 20 Feb 2019IOOF profit up, advice margins downBy Sarah Simpkins
- 20 Feb 2019SMSF accountant enters EU with ASICBy Miranda Brownlee
- 20 Feb 2019Netwealth sees silver lining in Hayne recommendationsBy James Mitchell
- 19 Feb 2019ASIC to ‘fully implement’ Hayne recommendationsBy James Mitchell
- 19 Feb 2019CFS hamstrung advisers as they left for DoverBy Adrian Flores
- view all
