The Australian Securities and Investments Commission (ASIC) has banned Grant Richard Thomson, a Queensland-based financial adviser, from operating in the financial services industry for five years.
The decision follows regulatory findings that Thomson failed to provide suitable and compliant insurance and financial advice to clients.
Thomson, who was previously authorised by Australian Mortgage And Financial Advisers Pty Ltd, was found to have recommended insurance coverage levels linked to mortgages that clients had not yet taken out.
ASIC’s investigation also found that he arranged for clients to sign documents – including application forms, service agreements, and authority to proceed documents – before receiving a formal statement of advice.
ASIC concluded that Thomson:
The regulator also found grounds to determine that he lacked the competence and training required to remain in the industry.
Thomson’s ban prevents him from offering financial services, managing a financial services business, or taking part in such operations, with limited exceptions.
He is permitted to retain involvement with two entities – Balanced Life Financial Group Pty Ltd and Balanced Life Wealth Strategies Pty Ltd – until later in 2025. Specifically, he may control or co-control both companies until Aug. 31 and continue performing functions within their operations until Sept. 30.
Thomson’s name has been added to ASIC’s publicly available banned and disqualified register. He is entitled to seek a review of the decision by the Administrative Appeals Tribunal.
Thomson was appointed as a financial adviser with Australian Mortgage And Financial Advisers Pty Ltd from Sept. 1 to Nov. 27, 2023, and with LFG Financial Services Ltd from Nov. 28, 2023, to March 24, 2025.
ASIC’s action against Thomson comes amid a broader regulatory campaign focused on adviser misconduct, consumer protection, and the quality of advice related to insurance and retirement planning.
The commission has identified growing concerns in areas such as superannuation transitions, insurance claims handling following natural disasters, and cybersecurity risks across financial services.
As part of its 2025 regulatory priorities, ASIC is intensifying its oversight of insurance advice practices and claims management processes. It has signalled a continued focus on enforcing compliance, particularly where consumers may be exposed to unsuitable products or misleading sales tactics.
