The corporate watchdog has banned a Queensland financial adviser for seven years for allegedly providing bad advice to his clients.
The Australian Securities and Investments Commission on Thursday said that Ian Victor Haisman of Beenleigh had been providing templated advice not tailored to his clients’ individual circumstances, needs and financial goals.
“In some instances, Mr Haisman provided inappropriate advice by recommending very high levels of insurance cover compared to the clients’ income or by recommending life insurance policies to clients with no known dependants and no reasonable basis for the policies,” ASIC said.
“ASIC also found that Mr Haisman failed to provide statements of advice that were clear, concise and effective to all his clients.”
ASIC commissioner Danielle Press said that ASIC expects financial advisors to take into account clients’ individual circumstances.
“Failing to do so clearly indicates a lack of regard for the law and for the interests of clients,” Ms Press said.
ASIC said the violations occurred while between early 2016 to early 2018, while Mr Haisman was under ASIC surveillance as a representative of Bristol Street Financial Services.
In December, ASIC cancelled Bristol Street’s Australian financial services licence.
Mr Haisman did not immediately return a Facebook message, and an email sent to a general mailbox for Bristol Street was not immediately replied to.
Mr Haisman has the right to appeal to the Administrative Appeals Tribunal.