This adviser has continued to practice following a stint with Storm but, following his term with the failed financial advice company, ASIC's concerns about the quality of his advice have got him into hot water.
ASIC was concerned that, after leaving Storm and continuing to work as a financial planner, Terence Edward Webb – who is now an authorised representative of Synchronised Business Services Pty Ltd – may not have had a reasonable basis for the advice that he provided, or may have provided incomplete or inaccurate advice to his clients.
Webb has now submitted an enforceable undertaking (EU) to ASIC, which the regulator has accepted. Under the EU, Webb has agreed to:
complete specified courses of professional development within twelve months; and
submit to a regime of supervision, audit and review of the financial services he provides to clients by an ASIC approved independent senior financial planner for two years.
The EU submission follows an ASIC investigation which led to concerns that Webb, while employed at Storm, only advised clients to invest in accordance with the single investment strategy predominantly recommended by Storm.
The regulator was concerned that he failed to warn those clients that this advice may not have been tailored to meet their financial goals and objectives.
ASIC commissioner Peter Kell said the outcome of its latest investigation into a former Storm representative reflected its commitment to ensuring financial advisers met required standards and maintaining consumer confidence in the financial services system.
Adviser sent back to school by ASIC