A life insurance adviser has received a five year ASIC ban following a host of infractions.
Christopher Young was an authorised representative for Affina Financial Advisers and has been handed a five year ban following a surveillance campaign from the regulator.
Working for Affina as a life insurance financial adviser from June 2013 to July 2015, ASIC said that their surveillance began in mid-2015 and included a review of a number of clients. The surveillance found that Young had failed to act in his clients’ best interests and failed to comply with several financial services laws.
Young failed to determine if the amounts of insurance cover he recommended were appropriate and if premiums were affordable and payment could be maintained by clients, as well failure to keep proper records and provide sufficient detail in Statements of Advice, amongst other infractions.
“Consumers should be confident that their financial adviser is acting in their best interests,” ASIC deputy chairman,
Peter Kell said.
“The business model of simply 'selling' life insurance without complying with the legal and regulatory obligations will not be tolerated by ASIC. Advisers who do so will be removed from the industry.”
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