***UPDATED*** An adviser formerly licensed by non-bank dealer group MyPlanner has been banned from providing advice for three years after entering an enforceable undertaking for failing to provide appropriate advice.
The corporate regulator has accepted an enforceable undertaking from a former MyPlanner-licensed adviser and director of Future Accountants & Advisers James Phillip Allen from Wollongong, which will prevent Mr Allen from providing financial services or becoming a director of an Australian Financial Services licensee for a period of three years.
Mr Allen left MyPlanner on 6 June this year.
The enforceable undertaking comes as a result of an ASIC review into client files "produced by Mr Allen and MyPlanner", according to the EU documents, which found he failed to make reasonable enquiries into his clients' personal circumstances, failed to properly consider or investigate the subject matter of the advice, and failed to provide advice that was appropriate to his clients.
"ASIC has accepted a court-enforceable undertaking from former MyPlanner Australia Pty Ltd adviser, James Phillip Allen, after it was found that he failed to act in the best interest of his clients," ASIC said in a statement.
"If he wishes to re-enter the financial services industry at the conclusion of the three-year exclusion period, he will need to complete a degree or equivalent qualification, pass an exam and undertake a supervised year of work and training."
Last year, ASIC imposed licensing conditions on MyPlanner after an investigation found a number of its advisers had provided "poor financial advice" and lacked appropriate monitoring arrangements.
Then managing director Philippa Sheehan stood down from her role earlier this year.
CORRECTION: An earlier version of this article described Mr Allen as being licensed by MyPlanner. It has since been updated to show Mr Allen left MyPlanner three months ago on 13 June 2018.
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