ASIC has banned a former authorised representative of Aon Hewitt Financial Advice from providing financial services for a period of two years.
The banning of Thanh Huu Tran follows a surveillance that found he was not adequately trained or is not competent to provide financial services, ASIC said in a statement.
ASIC said its surveillance focused on Mr Tran’s part in 2016 conduct by Futura Financial Group (a company of which Mr Tran was a director) that resulted in 331 Aon Master Trust (AMT) default superannuation members not switching to an AMT MySuper product.
The AMT MySuper product generally has lower fees and costs than AMT’s legacy default employer superannuation product, partly because MySuper products are prohibited from paying commissions to financial advisers.
Further, ASIC said its surveillance found that:
ASIC noted that Mr Tran’s conduct effectively required the clients to ‘opt-in’ to MySuper, even though the government had designed the MySuper system as an opt-out scheme.
Mr Tran has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision. The banning order for Mr Tran has been recorded on ASIC’s adviser register.
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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