Spectrum Wealth financial adviser cops three-year ASIC ban

A Spectrum Wealth adviser has been served a three-year ban from providing financial services by Australia’s corporate watchdog, after failing to act in his clients’ best interests.

An ASIC surveillance of life-insurance advice found that Gurumukh Singh Mehra had failed to:

• make reasonable enquiries into his clients’ relevant circumstances, such as obtaining existing superannuation and insurance information
• adequately investigate the clients’ existing financial products prior to making insurance recommendations
• compare the features and costs of any existing insurance with that recommended to clients
• base all judgements on the clients’ relevant circumstances

ASIC said Mehra was also found to be “not competent, or adequately trained, to provide financial services.”

Mehra may appeal the ASIC decision to the Administrative Appeals Tribunal for a review.