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ASIC accepts enforceable undertaking from adviser

ASIC accepts enforceable undertaking from adviser

ASIC accepts enforceable undertaking from adviser
Reporter
20 December 2017

An adviser has agreed not to provide financial services for a period of two years after ASIC found they had failed to act in the best interests of clients when advising them to establish an SMSF.

In a public statement, ASIC said it has accepted an enforceable undertaking (EU) from former MyPlanner Australia Pty Ltd adviser, James Fraser, after it was found that he failed to act in the best interests of his clients.

Mr Fraser was an authorised representative of MyPlanner Australia Pty Ltd based in Cronulla, NSW at the time of the conduct. He was more recently an authorised representative of MyPlanner Professional Services Pty Ltd.

Under the EU, Mr Fraser has agreed that he will not provide financial services for a period of at least two years.

“If he wishes to re-enter the industry at the conclusion of the two-year exclusion period, he will be required to complete additional self-managed superannuation fund training and adhere to supervision requirements,” said the corporate regulator.

An ASIC review of client files found that Mr Fraser had failed to act in the best interests of some clients when he advised them to establish SMSFs, and switch existing superannuation and insurance arrangements into those funds without appropriate consideration of the clients' existing arrangements.

The review by ASIC also found that he had failed to disclose information about relationships with external parties, or the remuneration agreements with those parties that would be capable of influencing the advice, and failed to provide a statement of advice when personal advice was provided.

ASIC acknowledges the co-operation of Mr Fraser throughout the surveillance.

ASIC accepts enforceable undertaking from adviser
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