ASIC’s banning of Peter Goudie follows a surveillance of his activities when he was an authorised representative of Risk and Investment Advisors Australia and National Australia Bank-owned GWM Adviser Services.
It found that Mr Goudie failed to comply with financial services laws including the requirement to comply with the best interests duty and to prioritise his clients’ interests.
ASIC said that, when providing personal advice, Mr Goudie did not adequately identify his clients’ objectives, financial situation and needs or investigate whether the financial products he was recommending would meet their needs. Mr Goudie also failed to give a number of his clients a statement of advice.
Further, in all circumstances where Mr Goudie’s advice was not in the best interests of his clients, it was found that he gave priority to generating fees and commissions for himself.
“ASIC’s decision reflects our expectation that financial advisers comply with the law and act in their client’s best interests, not their own interests,” said ASIC commissioner Danielle Press.
“Assessing client needs and providing a clear statement of advice are critical parts of the advice process. Advisers must remember that failing to provide the necessary advice documentation to clients is a serious breach of the law.”
ASIC’s banning of Mr Goudie will be recorded on its adviser register as well as the banned and disqualified persons register. Mr Goudie has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
The advice industry has suffered some serious changes. Like many others have pointed out we should all ban together as one and come together and support this person.
Dear ASIC, as the AFSL’s are supposedly their to supervise the Advisers and have ASIC supervise the AFSL’s.
What has ASIC done for these problems at the AFSL level ?
Always after the lowest hanging fruit hey ASIC.
“Failed to give Statements of Advice”? So where does the licensee sit with this? Immunity?
one of my clients received a letter form the NAB rectification adviser working on this guys files. My client had never even spoken to this Guy when he worked at NAB or anywhere else. How good must NAB’s records be. NOT!!!!!
The last time this guy was with GWM Adviser Services was over 4 years ago, but this ban is as a result of surveillance from way back then and at his new Independent Licensee.
Way to go ASIC! How is that in the best interests of the public? It’s taken you nearly 5 years to ban him.
There must be more to this story. It doesn’t pass the sniff test.
Did NAB report him to ASIC? Did the new AFSL report him to ASIC?
Did both?
Why did it take so long ASIC?
Why is his CAR still authorised?
Say what – an adviser in a NAB owned AFSL cannot do a needs analysis or write an SOA. And NO ONE from RIAA & NAB were supervising? ASIC is as much to blame as the perpetrator because they clearly were not watching the AFSL , probably because at the time ( pre Hayne) NAB was “part of our club”, in the big end of town, not one of those sleazy IFA advisers joining Dover.
Because we all know that North Queensland starts at the Noosa River:)
Asic… another soft target… what about the exec’s?
Check a map – Bundaberg is Southern Qld, nearly on the Sunshine Coast… nothing to do with North Queensland.
Since when is Bundaberg in North Queensland ? Bundy is in the Wide Bay area. North Queensland starts at say Mackay some 8 to 9 hours drive north of Bundaberg
If bundy is North QLD what do you call Townsville or Cairns, please get the facts correct and correct geography- this is constructive