NSW adviser banned for second time
A Sydney adviser has copped his second ban, now barred from providing financial services for three years after an ASIC investigation found that he failed to act in his clients’ best interests.
The regulator reviewed advice given by Tarandeep Aujila while he was an authorised representative of Infocus Securities Australia from 2013 to 2017 and Chaucer Group from October 2017.
ASIC had previously banned Mr Aujila in 2009.
The new surveillance found Mr Aujila did not obtain adequate information from clients about their personal circumstances including financial details, needs and objectives.
ASIC added he also recommended new insurance products to his clients without identifying or considering their existing products.
Further, Mr Aujila was found to made recommendations about the level of insurance cover based sorely on client direction instead of undertaking a thorough analysis of their needs or determining the impact of insurance premiums on their superannuation balance.
The banning will be recorded on the Financial Advisers Register, and Banned and Disqualified Persons Register.
Mr Aujila has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
In his first ban, ASIC had placed an 18-month sentence, but following Mr Aujila making an appeal, the Administrative Appeals Tribunal reduced the ban down to February to October 2009. The AAT accepted an undertaking that he would not provide financial services, apply for an AFSL or apply to be an authorised representative from 2009 to 2010.
In 2011, Mr Aujila was authorised by Lifespan Financial Planning.
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