Asic bans Perth financial adviser

The corporate watchdog has banned a Perth financial adviser from the industry for failing to act in the best interests of his clients while he was employed by a subsidiary of Westpac.

Jason Atkins was banned from providing financial services for three years by the Australian Securities and Investments Commission, after he gave improper advice to clients during his seven-month tenure as a representative of Magnitude Group in 2015.

“Asic found that Mr Atkins provided advice to clients to establish a self–managed superannuation fund and use limited recourse borrowing arrangements to fund the purchase of real property that was in breach of the best interests duty introduced under the Future of Financial Advice reforms,” Asic said in a statement.

“In providing advice Mr Atkins had failed to act in the best interests of four clients.

“Asic was not satisfied that Mr Atkins had identified the subject matter of the advice, conducted a reasonable investigation into the financial products that might achieve the objectives and meet the needs of the client that would reasonably be considered as relevant to advice on that subject matter, or that he understood what was required of him to comply with the best interest duty.”

Asic commissioner John Price said financial advisers must act in the best interests of their clients.

“Asic is committed to improving conduct in the wealth management industry and we will act to remove individuals who do not live up to the high standards expected of financial advisers,” he said.

Mr Atkins has the right to appeal Asic’s decision with the Administrative Appeals Tribunal.