01/06/2018 - 14:58

Former Perth financial adviser cops five-year ban

01/06/2018 - 14:58

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The corporate watchdog has banned a former Perth-based AMP financial adviser from providing services for the next five years after he was found to have given clients poor advice.

Former Perth financial adviser cops five-year ban
The investigation was part of Asic’s wealth management project.

The corporate watchdog has banned a former Perth-based AMP financial adviser from providing services for the next five years after he was found to have given clients poor advice.

The Australian Securities and Investment Commission said that former AMP Financial Planning adviser Desmond Winton Luplau also kept inadequate records and failed to act in his clients' best interest.

Mr Luplau worked for AMP between 2013 and 2016.

He also worked as employee representative of Westpac from 2005 until 2010.

The investigation was centred on his time at AMP.

Asic found that Mr Luplau’s advice to clients was well below community expectations.

Specifically he failed to:

-          consider clients’ relevant personal and financial circumstances

-          clearly explain what the advice was about

-          consider whether his clients’ existing financial products met their objectives

-          compare clients’ existing products with those he recommended

-          provide his clients with a clear and precise investment strategy; and

-          give appropriate disclosure about the benefits or consequences of replacing the clients’ financial products.

The investigation into Mr Luplau is part of Asic’s wealth management project, which was established in 2014 to lift the standards of major financial advice providers.

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