A Wollongong financial planner has been banned from giving advice for three years after he was found to have not acted in his clients’ best interests.
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James Phillip Allen, a former representative of MyPlanner Australia Pty Ltd, had given an enforceable undertaking (EU) to the Australian Securities and Investments Commission (ASIC), the regulator said in a statement.
Mr Allen was also a director of Future Accountants and Advisers at Warilla.
ASIC said Mr Allen had failed to provide appropriate advice to clients, failed to make reasonable enquiries into his clients’ personal circumstances, and failed to “consider and properly investigate the subject matter of the advice”.
This was discovered after ASIC conducted an investigation of Mr Allen’s files.
Under the terms of the EU Mr Allen must not provide financial services, or become a director or hold any management position in a licenced Australian financial services firm.
Mr Allen was previously a representative of Luiten Shores financial advisers, which is in liquidation, and Laura Dean Holdings, which was liquidated.
If he wants to re-enter the financial services industry after the three years, he will need to complete a degree or equivalent qualification, pass an exam and undertake a supervised year of work and training, ASIC said.
Last December a Cronulla-based MyPlanner adviser was banned for two years, and the company was given conditions on its licence, after it was found to be providing poor advice.