The corporate regulator has accepted a court-enforceable undertaking (EU) from a former adviser at independently owned financial planning group MyPlanner Australia, prohibiting him from providing advice for three years.
The EU comes after the Australian Securities and Investments Commission (ASIC) found the former adviser failed to act in the best interest of his clients.
Under the EU, James Phillip Allen, who was an authorised representative of MyPlanner Australia based in Wollongong, New South Wales, has agreed that for a period of three years he will not provide financial services or become a director or hold any managerial position in an Australian financial services licensee.
“If he wishes to re-enter the financial services industry at the conclusion of the three-year exclusion period, he will need to complete a degree or equivalent qualification, pass an exam and undertake a supervised year of work and training,” ASIC said.
ASIC’s review of Allen’s client files found in some files he had failed to make reasonable inquiries into his clients’ relevant personal circumstances prior to giving advice, failed to consider and properly investigate the subject matter of advice, and failed to provide advice that was appropriate to the clients.
Allen is also a director of Future Accountants and Adviser, which was a corporate authorised representative of MyPlanner.
Before joining My Planner, he was an authorised representative of Luiten Shores Financial Planning.
