ASIC has slapped a former NAB and Key Financial Planners adviser with a five-year ban from providing financial services.
South Australia-based Wendy Chapman has copped the expulsion for her advice given while she was an authorised representative of the two companies.
The regulator found she had failed to gather relevant client information when providing personal product advice, including assessments of products that might achieve individuals’ objectives and needs.
ASIC also said she had failed to assess affordability and explore the consequences of replacing existing products.
The regulator found Ms Chapman backdated advice documents to give the impression to her licensees that she had complied with her obligations under the law.
ASIC commissioner Danielle Press said any advisers taking short cuts or backdating documents can expect serious consequences.
“Advisers must act with integrity and comply with the law when providing personal advice to clients,” Ms Press said.
“Consumers should be able to feel confident that the financial advice they are receiving is in their best interests.”
The action against Ms Chapman falls within the regulator’s wealth management major financial institutions portfolio, which focuses on the financial services conduct of Australia’s largest financial institutions (the big four banks, Macquarie and AMP).
The portfolio focuses on advice, fees for no service, superannuation trustees, insurance, unfair contract terms and other licensee obligations, as well as other misconduct pointed to in the Hayne commission.
As part of the project, ASIC has banned 63 advisers and three directors from the financial services industry. Four of the bannings are subject to appeal.
Ms Chapman’s ban will be recorded on the Financial Advisers Register and the Banned and Disqualified Persons Register.
She has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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