The corporate regulator has banned former NAB adviser Graeme Cowper for four years after finding him to be “not adequately trained or competent” to provide advice.
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.
Insignia believes advisers should be issued a practicing certificate by a centralised body.
The corporate regulator has put out a call, advising any person who is concerned they have received financial services from, or invested with, Ashley ...
APRA chair Wayne Byres has told super trustees to brace for “some rough seas” ahead.
Speaking at a Trans-Tasman Business Circle event, Wayne Byre...
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.