Taking a templated approach to financial advice has seen a monetary adviser banned from supplying financial offerings by the Australian Securities and Investments Commission (ASIC) for five years.
ASIC observed Frazer Jon Muscat, who worked at Bristol Street Financial Services Pty Ltd in Beenleigh, QLD between August 2010 and December 2018, failed to recall his clients’ character occasions as he used a template for all clients.
This ‘insurance needs calculation template’ advocated his customers practice for degrees of coverage, which turned into better than their wishes. ASIC said many cases were ‘at entire odds’ with clients’ objectives and needs.
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He additionally switched superannuation debts of some clients from one company to any other without investigating their existing arrangements or demonstrating why the transfer would be of their first-rate interest.
Lastly, ASIC stated he didn’t provide a recommendation on different areas requested by his clients along with debt discount, alternatively focusing completely on insurance and superannuation.
ASIC commissioner, Danielle Press, stated: “When imparting personal advice, ASIC expects economic advisers to take affordable steps to recognize their customers’ person occasions, desires, and goals before making any hints.
“Advisers have a criminal duty to act inside the high-quality pastimes in their clients always and, because patron instances frequently range appreciably, the usage of a templated method will not produce the maximum appropriate advice tips in all times.”
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