ASIC bans ex-NAB, AMP financial planner

The review also found Mr O’Brien failed to provide advice based on his clients’ personal circumstances.

ASIC said that its evaluation found that Mr O’Brien made no inquiries into the cost of products, investment strategy or whether his clients had any insurance in place when providing advice in regards to superannuation.

It is not clear whether AMP and NAB conducted a review of Mr O’Brien’s files or set aside any compensation for his clients. It is also not clear if NAB or AMP filed a breach notice in relation to Mr O’Brien to the corporate watchdog.

AMP and NAB have been contacted for comment.

In regards to his advice on insurance to his clients, ASIC said its review found Mr O’Brien did not assess his clients needs or objectively assess what level of insurance cover would meet his clients’ needs.

ASIC said at least one of Mr O’Brien’s clients had their cover declined due to pre-existing medical conditions after their existing insurance had been cancelled, leaving them uninsured.

Mr O’Brien has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision. He has been contacted for comment.


Related posts

Make a comment