A Beenleigh-based adviser has been banned from providing financial services for seven years by the Australian Securities and Investments Commission (ASIC) over his failure to act in the best interests of his clients.
ASIC surveillance of Ian Victor Haisman’s advice files from early 2016 to early 2018, when he was an authorised representative of Bristol Street Financial Services, showed that the advice he provided was not tailored to his clients’ individual circumstances, needs, and financial goals.
ASIC said Haisman didn’t adequately investigate his clients’ existing superannuation and insurance arrangement or provide product cost and risk comparisons when recommending an investment strategy which involved product switching. There were also instances when Haisman recommended very high levels of insurance cover compared to his clients’ income and cases when he recommended life insurance policies to clients with no known dependents and no reasonable basis for the policies. He also failed to provide statements of advice that were clear, concise, and effective to all his clients, the corporate regulator said.
“Financial advisers providing personal advice are required by law to act in the best interests of their clients,” said Danielle Press, ASIC commissioner. “ASIC expects advisers to take into account their clients’ personal circumstances, needs, and financial goals to ensure that the advice they provide is appropriate. Failing to do so clearly indicates a lack of regard for the law and for the interests of clients.”
Haisman has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.