In a statement, the regulator said its investigation of Mr Cowper found he “had a fundamental lack of understanding” of his obligations under the Corporations Act and gave inappropriate advice to clients between 2009 and 2013.
The ban represents the first administrative banning decision made by ASIC’s new Financial Services and Credit Panel, which found Mr Cowper had recommended gearing strategies to clients who could not afford them, did not provide sufficient detail in his SOAs when recommending clients switch super funds, and switching clients into more expensive super funds without noting the increased cost in his SOAs.
Last year, NAB chief executive Andrew Thorburn was grilled by the House of Representatives standing committee on economics over their handling of Mr Cowper’s case, with Labor MP Matt Thistlethwaite asking why he had not been terminated and was given a pay-out upon his resignation.
Mr Cowper also brought legal proceedings against Fairfax Media and the ABC for defamation after the publication of his name in relation to a leaked NAB report that identified advisers who were involved in misconduct but still giving advice, however the court ruled in favour of the defendants.
If you look at this guys case he perhaps was not as bad as the media made him out to be. He experienced trial by media yet ASIC after reviewing the files gave him 4 years.
Let’s focus on the real problem here. Not his qualifications, but the fact DHs like this get only a 4 year ban and the opportunity to come back and further denigrate our industry’s name. What do you need to do to be banned for good? C’mon ASIC and co, toughen up!
If only he’d done an additional APPROVED course of study on ethics eh? That would have fixed it.
No Edward, he was at nab, AON and ipac- no finwiz. Might need to check some of the scuttlebutt
How do you know he didn’t have a degree ?
Not a bad little earner. Get paid $800K a year by NAB in bonuses. NAB compensate and pays out $13 million to customers and you get banned for 4 years.
No I understand he was a CFP “not a DFP only operator”.
Yeah, grandfathered CFP for nostudy and only real ‘qualification’ was a DFP lol.
Standard procedure for that level of qualification.
Any chance that FASEA will pay any attention to the FPA with members like AMP FP and NAB Financial Planning has just gone up in smoke.
Wouldn’t suppose he was another DFP only operator?
IFA I would check your facts as NO “court ruled in the defendants favour” rather he pulled the pin via a commercial arranagement. Very different matters and sloppy reporting.
Hang on, he was educated….tick, he was an FPA member…tick, his FPA courses were done …tick….he may of even had a degree i imagine.
Isnt education EVERYTHING?
Clear proof the education changes coming in will do NOTHING but increase cost to this ridiculous industry.
Its odd. I agree and disagree at the same time
AMP Financial Planning and NAB Financial Planning are both members of the FPA. Thinking FASEA is going to listen to them and hoping your CFP course/ prior studies will be recognized?? …YOUR DREAMING… Notice how silent the FPA are on these members? Yes members… Time for a change don’t you think Mr & Mrs FPA members. Simply replace the revenue you get from these firms with Virgin, Qantas, BMW, etc etc.
*you’re
and your point is?
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What about this guys “manager”? Of course no punishment there, takes the bonus and rides off into the sunset leaving a trail of destruction behind. That is the real issue, never any punishment for those driving this behavior
Why has this ban taken so long….. Time to go up the chain. He was there number 1 planner after all.
*their
I think Cowper was also from FinWiz and was kicked out of there too!
Edward, he might have been, but post NAB he was at iPac (AMP) when the proverbial hit the fan. He is a bit of a cowboy, pulled the pin mid-trial in his ”defamation” case against Fairfax/ABC, requiring him to pay the $200k+ of their legal fees. You’d have to be a right idiot to try to sue major media outlets unless your case was pretty darn watertight. You go to a new stratosphere of stupidity pulling out half-way through the trial.
I think he knocked about at the AON dinosaur club for a while as well didnt he?
Must have been handed to ASIC otherwise it would not have come to light
He was reported to ASIC by NAB
Seems like ASIC is about to ‘go up the chain’ at NAB too. An advisor ‘not adequately trained or competent’ is an issue for the licence holder. Why has ASIC only found courage to go to the source of these problems after the Royal Commission revealed how toothless they have been?
A day ending in y.