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ASIC accepts enforceable undertaking from adviser

ASIC accepts enforceable undertaking from adviser

ASIC accepts enforceable undertaking from adviser
Miranda Brownlee
14 November 2017 — 1 minute read

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.

ASIC accepts enforceable undertaking from adviser
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