ASIC has announced it banned a former Westpac financial adviser for eight years after it was found he had implemented a “one-size-fits-all advice strategy”.
According to a statement, Anthony Bishop of Chelmer, Queensland, was previously an employee representative of Westpac Financial Consultants.
During the period between July 2010 and April 2014, Mr Bishop had been providing inappropriate advice to clients and was involved in the failure to provide one client with a written statement of advice, ASIC said.
Mr Bishop was found to have implemented a one-size-fits-all advice strategy that did not tailor advice to clients’ personal and financial circumstances. This strategy also led to clients being over insured with an inappropriate level of premiums, ASIC said.
Further, Mr Bishop had made one misrepresentation concerning tax savings.
ASIC deputy chair Peter Kell said, “Advice needs to be tailored to the client's needs and circumstances, and an advice provider must not lose sight of the needs of their client.”
Mr Bishop's behaviour was reported to ASIC in May 2014, the statement said.
A customer remediation process was undertaken and 29 former clients were paid a total of $1,127,543 made up of advice fees, refunds of premiums for inappropriate advice and market loss relating to investments.
[Related: Broker channel fraud spikes in 2016]
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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