ASIC accepts enforceable undertaking from adviser
A financial adviser has agreed to stop providing financial services for five years after an ASIC review found they had failed to act in the best interests of clients when advising on superannuation and insurance.
ASIC has accepted an enforceable undertaking from former Hart Ensole Pty Ltd representative, Dean Hartmann, after it was found that he failed to meet his financial advice obligations when dealing with his clients, ASIC said in a public statement.
Under the EU, Mr Hartmann has agreed to cease providing financial services for a period of at least five years. Once the five year exclusion period is completed, he will be required to adhere to supervision requirements upon re-entering the industry.
An ASIC review of client files found that in some instances Mr Hartmann had failed to act in the best interests of clients when he advised clients to “switch insurance arrangements and superannuation funds without being able to demonstrate why this was appropriate”.
He also failed to conduct reasonable investigations into clients' objectives for insurance requirements or insurance products, according to ASIC.
ASIC acknowledged Mr Hartmann's cooperation with ASIC throughout its investigation.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.