The Australian Securities and Investments Commission (ASIC) has banned Queensland financial adviser Gerald Grubwinkler from providing financial services for four years.
The corporate regulator found Grubwinkler had failed to act in his clients’ best interest when providing advice on superannuation and insurance.
Specifically, ASIC found he had failed to provide a statement of advice prior to recommending the establishment of an SMSF, adequately identify the subject matter and scope of the advice sought by his clients, and make reasonable inquiries into his clients’ relevant circumstances, such as obtaining information on income and living expenses.
He had also failed to adequately investigate alternative strategies and products that may have been suitable for his clients’ objectives.
ASIC’s surveillance reviewed advice provided to clients while he was an authorised representative of Suncorp Financial Services from 19 March 2009 to 20 May 2016.
Grubwinkler was subsequently an authorised representative of Matrix Planning Solutions from 20 May 2016 to 29 September 2017, and Clearview Financial Advice from 29 September 2017 to 19 January 2018.
His banning will be recorded on ASIC’s financial advisers register.
He has the right to appeal to the Administrative Appeals Tribunal for a review of the regulator’s decision.
