ASIC hands seven-year ban to Queensland adviser
The corporate regulator has banned an adviser from Queensland for a period of seven years following a surveillance of his clients.
ASIC found that Ian Victor Haisman of Beenleigh failed to act in the best interests of his clients, according to a statement.
Its surveillance looked at advice provided by Mr Haisman to clients from early 2016 to early 2018 when he was an authorised representative of Bristol Street Financial Services.
A review of a number of Mr Haisman’s advice files revealed that the advice he provided was not tailored to his clients’ individual circumstances, needs and financial goals, ASIC said.
When recommending an investment strategy that involved product switching, ASIC said he did not adequately investigate his clients’ existing superannuation and insurance arrangements or provide product cost and risk comparisons.
Instead, ASIC noted Mr Haisman used templated strategies and made recommendations that were applied regardless of his clients’ personal circumstances.
In some instances, ASIC’s surveillance found that Mr Haisman provided inappropriate advice by recommending very high levels of insurance cover compared with the clients’ income or by recommending life insurance policies to clients with no known dependants and no reasonable basis for the policies.
ASIC also found that Mr Haisman failed to provide statements of advice that were clear, concise and effective to all his clients.
“Financial advisers providing personal advice are required by law to act in the best interests of their clients,” said ASIC commissioner Danielle Press.
“ASIC expects advisers to take into account their clients’ personal circumstances, needs and financial goals to ensure that the advice they provide is appropriate. Failing to do so clearly indicates a lack of regard for the law and for the interests of clients.”
Mr Haisman has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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