Former Dover and Synchron adviser banned for five years

Former Dover and Synchron adviser banned for five years

ASIC has banned a Hobart financial planner who worked at Synchron and Dover from providing financial services for a period of five years.

Matthew Geappen most recently worked at Synchron and before that worked at Dover for a period two years.

The ban comes after ASIC expressed concern that Mr Geappen advised his clients to switch from one insurance product to another, which allowed him to generate commissions from insurance providers.

ASIC also said it had reason to believe Mr Geappen was not adequately trained or competent to provide financial services and was not of good fame or character.

ASIC found Mr Geappen failed to act in the best interests of his clients, failed to give appropriate advice, gave priority to his own interests over that of his clients and was not adequately trained or competent to provide financial services.

Mr Geappen’s ban is part of ASIC’s Wealth Management Project, which focuses on the conduct of the largest advice firms (NAB, Westpac, CBA, ANZ, Macquarie and AMP).

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This means that Mr Geappen’s ban comes from his stint as an adviser was for Financial Wisdom Limited, a subsidiary of the Commonwealth Bank of Australia.

Mr Geappen has exercised his right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

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