A Kelmscott-based financial adviser has been slapped with a four-year ban for breaches of financial services laws, including failing to provide financial advice that was in the best interests of his clients.
An ASIC review of Anthony Hilsley’s advice files, when he was an authorised representative if RI Advice Group, then-owned by ANZ, revealed that when providing personal advice, Hilsley did not identify, or make sufficient enquiries into, his clients’ personal circumstances, properly consider his clients’ objectives and needs, and, in some cases, did not consider their existing products.
“For one client, Mr Hilsley recommended replacing superannuation and insurance products without taking the client’s pre-existing medical condition into account,” the corporate regulator said. “As a result, a loading was added to the premium, which could have been avoided if Mr Hilsley had considered the suitability of the client’s existing products to meet their ongoing insurance needs.”
Hilsley has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.