On Friday, the Australian Securities and Investments Commission (ASIC) announced that it has banned Grant Richard Thomson from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business, though there are some limited exceptions.
“In a review of advice provided by Mr Thomson while he was authorised by Australian Mortgage and Financial Advisers Pty Ltd, ASIC found that Mr Thomson failed to provide financial advice to his clients that was in their best interests and appropriate for them,” ASIC said.
“The review also found that Mr Thomson failed to prioritise his client’s interests. The insurance advice by Mr Thomson included recommended levels of cover that incorporated mortgages which the clients had not yet obtained.”
ASIC’s review also found that Thomson had arranged for clients to sign application forms, ongoing advice service agreements and authority to proceed documents before the clients had received statements of advice.
ASIC found it had reason to believe that Thomson is “not a fit and proper person, is not adequately trained or is not competent to participate in the financial services industry and is likely to contravene a financial services law”.
Thomson was an appointed financial adviser with Australian Mortgage and Financial Advisers from 1 September 2023 to 27 November 2023 and an appointed financial adviser with LFG Financial Services from 28 November 2023 to 24 March 2025.
The banning order allows Thomson to:
- Until 31 August 2025, control, whether alone or in concert with one or more other entities, each of Balanced Life Financial Group Pty Ltd (BLFG) and Balanced Life Wealth Strategies Pty Ltd (BLWS).
- Until 30 September 2025, perform any function involved in the carrying on of a financial services business by either BLFG or BLWS.
The banning has been recorded in ASIC’s banned and disqualified register. Thomson has a right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
