The regulator annouced it has banned Victorian former financial adviser Michael Kolody, saying Kolody "was not adequately trained or competent to provide financial advice and had failed to comply with the financial services laws".
ASIC said Kolody's misconduct occurred between July of 2010 and January 2014, and showed that Kolody provided advice to a number of clients that was not appropriate to their personal circumstancces, prepared documents that may have misled clients about their legal entitlements, failed to maintain adequate records of his advice or provide clients with an adequate statement of advice, failed to provide appropriate replacement product advice and disclosure when advising clients to move from one financial product to another and provided inadequate information on some commissions he received.
"Mr Kolody’s conduct demonstrates a clear failure to protect the interests of his clients. Financial advisers must provide appropriate advice, and they must keep adequate records that set out the basis on which the advice is given," ASIC deputy chairman Peter Kell said.
ASIC has banned a former financial adviser for five-and-a-half years.