According to ASIC’s investigation between 2014 and 2017, former Aon financial adviser Andrew Carl Hills allegedly allowed or authorised misleading and inaccurate letters about superannuation to be issued to some Aon Master Trust members. The regulator concluded that the adviser’s actions contravened section 1041H of the Corporations Act.
The regulator also found the following:
Despite receiving the letters, hundreds of members still did not fully transition to MySuper and instead remained in Aon Master Trust’s “choice” superannuation product that was more expensive than MySuper, ASIC said.
Hills has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision. However, the regulator’s decision to ban Hills was recorded on the Financial Advisers Register and the Banned and Disqualified Persons Register. It warned that financial advisers must not engage in misleading conduct regarding financial products or services.
ASIC’s Moneysmart website has useful information for consumers whose advisers have been banned.