The corporate regulator has banned a Bundaberg-based financial adviser from providing financial services for four years for failing to comply with the best interests duty.
ASIC’s banning of Peter Goudie follows a surveillance of his activities when he was an authorised representative of Risk and Investment Advisors Australia and National Australia Bank-owned GWM Adviser Services.
It found that Mr Goudie failed to comply with financial services laws including the requirement to comply with the best interests duty and to prioritise his clients’ interests.
ASIC said that, when providing personal advice, Mr Goudie did not adequately identify his clients’ objectives, financial situation and needs or investigate whether the financial products he was recommending would meet their needs. Mr Goudie also failed to give a number of his clients a statement of advice.
Further, in all circumstances where Mr Goudie’s advice was not in the best interests of his clients, it was found that he gave priority to generating fees and commissions for himself.
“ASIC’s decision reflects our expectation that financial advisers comply with the law and act in their client’s best interests, not their own interests,” said ASIC commissioner Danielle Press.
“Assessing client needs and providing a clear statement of advice are critical parts of the advice process. Advisers must remember that failing to provide the necessary advice documentation to clients is a serious breach of the law.”
ASIC’s banning of Mr Goudie will be recorded on its adviser register as well as the banned and disqualified persons register. Mr Goudie has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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