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18-256MR ASIC accepts court enforceable undertaking from Wollongong-based financial adviser prohibiting advice for three years
ASIC has accepted a court-enforceable undertaking (EU) from former MyPlanner Australia Pty Ltd adviser, James Phillip Allen, after it was found that he failed to act in the best interest of his clients.
Under the EU, Mr Allen has agreed that, for a period of three years, he will not:
- provide financial services, or
- become a director or hold any managerial position in an Australian financial services licensee.
If he wishes to re-enter the financial services industry at the conclusion of the three year exclusion period, he will need to complete a degree or equivalent qualification, pass an exam and undertake a supervised year of work and training.
ASIC’s review of Mr Allen’s client files found that in some files Mr Allen had:
- failed to make reasonable enquiries into his clients’ relevant personal circumstances prior to giving advice,
- failed to consider and properly investigate the subject matter of the advice, and
- failed to provide advice that was appropriate to the clients.
Mr Allen was an authorised representative of MyPlanner Australia Pty Ltd based in Wollongong, New South Wales. He is also a director of Future Accountants and Adviser Pty Ltd which was a corporate authorised representative of MyPlanner Australia Pty Ltd. Prior to joining MyPlanner, Mr Allen was an authorised representative of Luiten Shores Financial Planning Pty Ltd and prior to that he was an authorised representative of ACN 147 602 444 Pty Ltd, formerly known as Laura Dean Holdings Pty Ltd.