In a statement, ASIC said Mr Cribb had failed to act in his clients’ best interests when providing advice on SMSFs, and instead prioritised his own interests or acted in ways which would benefit “other entities related to him”, including an SMSF administration business of which he was the sole director and shareholder.
“Specifically, ASIC found that Mr Cribb had failed to investigate the individual circumstances of his clients, adequately investigate alternative strategies and products that may have been suitable for his clients’ objectives, and prioritise his clients’ interests over his own,” the statement said.
ASIC has also suspended the licence of Mode AFSL, of which Mr Cribb was the sole key person and responsible manager, as well as an authorised representative.
“ASIC has also suspended Mode’s AFS licence after ASIC found that Mode did not take reasonable steps to ensure that its representatives complied with financial services laws,” the statement said.
“Mode’s AFS licence will be suspended for a period of 10 weeks from 10 July 2018 or until it obtains approval for a replacement key person and responsible manager from ASIC.”
Mr Cribb’s behaviour was uncovered by ASIC’s recent review of SMSF advice, the statement said.
He has been scamming people for years, but no-one ever listened to me. Karma.
Why so many anonymous comments? Let’s be up-front about our views – time to stand up and be adults, children.
Poor advice can be found regardless of licensee ownership but this is the benefit of being self licensed to Australians. Whilst a four year ban is imposed, rightly or wrongly he’ll never work again in this industry. Had this chappy worked for AMP he’d be promoted & head of sales. Had he worked for CBA he’d be at NAB now.
These types of comments don’t help at all. Why are we eating each other. We should be focused on supporting each other and helping our clients to retire with independence and dignity.
but comments/arguments/debate about grandfathered commissions, fees v commissions are warmly welcomed. Get real…. time to call a spade a spade. If you’re working for a bank owned AFSL you’re not a professional.
must have been a feeding frenzy for ASIC to investigate smsf advice…