Login
Former adviser banned for 3 years
The regulator has banned a former financial adviser for failing to provide appropriate advice in the best interest of his clients.
ASIC has banned Brisbane-based former financial adviser Nathan Smith from providing financial services for three years.
The regulator found Mr Smith did not consider his clients’ existing products when making recommendations to switch products and did not align recommended investment strategies with client risk profiles.
“He also failed to properly disclose in advice documents all the costs and significant consequences of switching products,” ASIC said.
“Mr Smith did not provide clients with fee disclosure statements within the 60-day statutory time frame and he failed to provide compliant renewal notices in relation to ongoing fee arrangements.”
Mr Smith has been a financial adviser since 2010 and has been authorised by a number of AFS licensees. The misconduct, which resulted in this banning, occurred during the time he was an authorised representative of MyPlanner Professional Services Pty Ltd and Total Financial Solutions Australia Limited, according to ASIC.
Mr Smith’s banning has been recorded on ASIC’s publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.
Mr Smith has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Tony Zhang
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.
Subscribe to the
BULLETIN
Get the latest news and opinions delivered to your inbox each morning
Subscribe
