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Thursday 11 December 2014

14-331MR ASIC Accepts enforceable undertaking from Victorian financial adviser

ASIC has accepted an enforceable undertaking (EU) from former Professional Investment Services Pty Ltd (PIS) representative, Seamus O’Brien, after he failed to meet his obligations as a financial adviser.

Mr O’Brien traded as Cambridge Financial Planning in South Yarra, Victoria.

The EU follows an ASIC review of the advice provided by Mr O’Brien.

ASIC was concerned that Mr O’Brien, failed to:

  • demonstrate a reasonable basis for the advice provided
  • adequately provide replacement product advice to clients
  • comply with the record keeping obligations relating to personal advice, and
  • comply with the Statement of Advice requirements.

Under the EU, Mr OBrien has agreed not to provide financial services in any capacity for a minimum of one year. Should he decide to re-enter the financial services industry after this exclusion period, he must adhere to strict supervision requirements for 12 months and have each piece of advice audited by his new licensee before it is provided to the clients.

Background

The review of advice provided by Mr O’Brien was commenced after PIS lodged a breach notification with ASIC. PIS reported that Mr O’Brien provided advice to clients about products that were not on PIS’ approved list of products, that he did not consider alternate products or strategies when providing advice to clients and that he demonstrated a poor level of record keeping and collection of client details.

PIS terminated the authorisation of Mr O’Brien on 16 December 2013.

Download the enforceable undertaking

Last updated: 30/03/2021 09:35