An NSW-based financial adviser who worked for AMP-owned Charter Financial Planning and NAB-owned GWM Adviser Services has been slapped with a four-year ban after ASIC surveillance.
ASIC’s review of a sample of David O’Brien’s advice files revealed he failed to make sufficient inquiries into his clients’ circumstances, nor did he conduct reasonable investigations into their existing financial products.
When providing advice on superannuation, O’Brien didn’t ask his clients about matters such as costs, investment strategy, or whether they already had any insurance within their existing super arrangements.
When providing insurance advice, O’Brien failed to prepare a needs analysis or objectively assess what level of insurance cover would achieve his clients’ needs. One of his clients had their cover declined for pre-existing medical conditions after their existing insurance had been cancelled, leaving them uninsured.
O’Brien may appeal the ASIC decision to the Administrative Appeals Tribunal for a review.
