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.
Frankly this is a pretty weak response from ASIC. Having seen first hand the devastation delivered under the Laura Dean brand, life inprisonment would not be enough. I have had to deal with more than one six foot plus miner who had been given the “Laura Dean treatment” and that’s more than enough crying men for my career. No surprise that MyPlanner ( or New Dover ) were involved. Where is Rowena when you need her?
My understanding is Dover did not allow Advisers to recommend off the plan property, and did not allow advisers who did advise on property to be paid by anyone other than the client.
You should get your facts right. You are worse than ASIC.
Not saying this bloke should not have been banned, but the hypocrisy to let the Big Banks and Institutions get away with their business intact stinks.
This guy is probably no different to most Accountants. Setting up SMSF left, right and center, irrespective of clients personal circumstances, understanding, obligations etc. Luckily Accountants are lobbying the gov’t to reinstate their carve out for setting up SMSF.
Are we really this bad and this stupid? If Best Interest Duty is embraced the adviser would never get through the work load, and earn a decent living.
If you’re actually an adviser, you are what is wrong with the industry. Its absolutely possible to adhere to BID and make a decent living.
Why aren’t the personnel of the banks suffering the same consequences for their bad behaviour. The banks are paying the fines which is ultimately paid by the shareholders not the perpetrators
Google “Laura Dean Financial Solutions” which is now known as Future Accountants and Advisers. nothing like a bit of cookie cutter advice to flog properties through SMSFs to ‘act in the ADVISERS best interests’.