The regulator has permanently banned an ACT-based adviser from providing financial services, and handed down a three-year ban to a former NAB authorised representative from NSW.
Jane Myers was permanently banned by ASIC after she was found to have given poor advice around the establishment of SMSFs and rollover of client funds from other super accounts, including one instance where a client lost an insurance payout due to her recommendations.
Ms Myers had claimed she was not providing financial product advice as her recommendations had only related to SMSF establishment, the regulator said.
ASIC said Ms Myers' "serious incompetence and irresponsibility" justified the permanent ban.
Ms Myers was an authorised representative of Spectrum Wealth Advisers, whose director Mark Schroeder was recently banned by the regulator for six years, between 2013 and 2017.
The group's licence was also cancelled by ASIC in February 2020.
NSW-based Alexander Thomas was also banned from the industry by ASIC for three years, after a review of his client files found he had failed to make reasonable inquiries into, and base all judgements on, his client’s relevant circumstances, and to appropriately scope the advice.
Mr Thomas was an authorised representative of NAB between 2008 and 2017, and of Forsyths Financial Services between 2017 and 2019.
Both advisers have the right to an AAT appeal of their decision.
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