Spectrum Wealth adviser banned for three years

The corporate regulator has banned Spectrum Wealth adviser Gurumukh Singh Mehra from providing financial services for a period of three years after ASIC surveillance showed he failed to act in his clients’ best interests.

Through ASIC’s surveillance of life insurance advice, it was found Mr Mehra had failed to:

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  • make reasonable enquiries into his clients’ relevant circumstances, such as obtaining existing superannuation and insurance information;
  • adequately investigate the clients’ existing financial products prior to making insurance recommendations;
  • compare the features and costs of any existing insurance with that recommended to clients; and
  • base all judgements on the clients’ relevant circumstances.

ASIC also found that Mr Mehra is not competent, or adequately trained, to provide financial services.

Mr Mehra has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

Spectrum Wealth adviser banned for three years
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Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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