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A Hobart financial planner has copped a five-year ban from providing financial services, following concerns about his practice of advising his clients to switch insurance providers, which allowed him to generate commissions.
ASIC’s investigation found that not only was Matthew Geappen not adequately trained or competent to provide financial services, he also failed to act in the best interests of his clients, give appropriate advice, and give priority to the interests of his clients over his own interests.
Geappen was an authorised representative of CBA subsidiary Financial Wisdom from December 18, 2006 to December 08, 2016, where he provided financial-product advice on superannuation, insurance, and income-protection products.
Geappen appealed his case for a review by the Administrative Appeals Tribunal.
