ASIC accepts enforceable undertaking from Queensland adviser

by |
ASIC has accepted an enforceable undertaking from a Queensland adviser who failed to meet his obligations.

The regulator said it had accepted an EU from ClearView Financial Advice Pty Ltd representative Jason Churchill. ASIC said a review of Churchill's client files found in some instances he had:
  •     failed to undertake adequate inquiries into the relevant personal circumstances of some clients to whom he made recommendations
  •     failed in some instances to provide adequate replacement product advice to the client in the Statement of Advice, preventing the client from making an informed decision to switch insurance cover
  •     inadequately demonstrated in some cases the benefits of a stepped or level premium
  •     failed in some cases to consider the competing priorities of adequate insurance versus affordability, including the longer term impact of placing insurances within superannuation
  •     limited the advice in some cases to exclude issues which cannot reasonably be excluded from the scope of advice.
Churchill agreed to undergo additional training in relation to the provision of financial product advice, and must adhere to strict supervision requirements for 12 months. Churchill also agreed to have each piece of advice audited by his authorising licensee before it is provided to clients.

WP forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions