21/11/2019 - 13:17

WA financial adviser banned for four years

21/11/2019 - 13:17

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A Perth financial adviser who worked for two prominent firms including Godfrey Pembroke has been banned from providing services for four years.

WA financial adviser banned for four years

A Perth financial adviser who worked for two prominent firms including Godfrey Pembroke has been banned from providing services for four years.

Lawrence O'Neill worked for Godfrey Pembroke, owned by National Australia Bank, and Perth-based Wealthsure Financial Services but was not adequately trained, the Australian Securities and Investments Commission said on Thursday.

A review of Mr O'Neill's advice files allegedly revealed he did not properly consider his clients' circumstances or objectives, and in some cases did not consider their existing products when providing advice.

He also allegedly failed to explain why ongoing advice was required for some clients, did not disclose his associations with product issuers, or explain the benefits he and his licensee stood to gain if the clients accepted his recommendations.

Wealthsure Financial Servcies was part of WealthSure Group, which entered an enforceable undertaking with ASIC in 2013 after issues were found with its compliance program. 

NAB's MLC Wealth business announced in August it would retain Godfrey Pembroke as one of two retail advice brands, with a focus on high net worth clients.

Mr O'Neill can appeal ASIC's decision with the Administrative Appeals Tribunal.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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