ob体育 has banned Adelaide-based adviser Peter Anthony Chigwidden from providing financial services for a period of five years.聽
Following a review of Mr Chigwidden鈥檚 advice, ob体育 found that Mr Chigwidden consistently failed to address the stated needs and objectives of his clients and, as a result, did not provide advice that was in the best interests of his clients.
Where his advice included product switching recommendations, he made those recommendations without adequate consideration of the cost impact or other consequences of that advice and failed to properly disclose the costs and consequences of the advice, leaving clients poorly informed. Crucially, the switching advice also failed to demonstrate that the recommended product(s) better met the clients鈥� needs or objectives than their existing product(s).
ob体育 considered that Mr Chigwidden also failed in some cases, to provide statements of advice and records of advice to clients when he was required to do so and, where he did provide those advice documents, he failed to include specific information such as the fees and costs the clients may incur if they followed his advice.
The banning of Mr Chigwidden is part of ob体育鈥檚 ongoing efforts to improve standards across the financial services industry. It聽 will be recorded on ob体育's publicly available , and Banned and Disqualified Persons Register.
ob体育's MoneySmart website has useful information for consumers about financial advice, including how to complain about an adviser, and what to do if their .
Background
Mr Chigwidden鈥檚 misconduct was notified to ob体育 by Securitor Financial Group Ltd, a Westpac advice licensee. The banning of Mr Chigwidden was part of ob体育's Wealth Management Project, which focuses on the conduct of Australia鈥檚 largest financial advice licensees - NAB, Westpac, CBA, ANZ, Macquarie and AMP.
As part of its Wealth Management Project, ob体育 has banned 54 advisers and one director from the financial services industry. Four bannings are the subject of appeal.