ASIC has banned a former Synchron life insurance financial adviser from providing financial services for seven years.
The corporate regulator says it has banned former Synchron representative Mateen Mohammed, of Calamvale, Queensland, from providing financial services.
Mr Mohammed was an authorised representative of Synchron from 1 July 2010 to 22 April 2015.
ASIC said it found that Mr Mohammed did not act in the best interests of his clients by failing to make reasonable inquiries into clients’ relevant objectives, financial situation and needs, as well as conduct a reasonable investigation into financial products that might achieve the objectives of the clients, including their existing superannuation and insurance products.
Mr Mohammed also submitted an insurance application without his client’s knowledge and, as a result, misled or deceived the insurer as to his authority to do so.
“Any advice to switch existing life insurance and superannuation products must be in the client’s best interest,” ASIC deputy chairman Peter Kell said in a statement.
“Where there is nothing in the client’s relevant circumstances to indicate that the switch would be beneficial, ASIC will conclude that the client is not in a better position.”
ASIC said its action against Mr Mohammed is part of ongoing enforcement and regulatory action following its review of life insurance advice.
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