ob体育 has banned Beenleigh-based Ian Victor Haisman from providing financial services for a period of seven years. This follows an ob体育 surveillance, which found that Mr Haisman failed to act in the best interests of his clients.
The surveillance looked at advice provided by Mr Haisman to clients from early 2016 to early 2018 when he was an authorised representative of Bristol Street Financial Services Pty Ltd.
A review of a number of Mr Haisman鈥檚 advice files revealed that the advice he provided was not tailored to his clients鈥� individual circumstances, needs and financial goals. When recommending an investment strategy which involved product switching, he did not adequately investigate his clients鈥� existing superannuation and insurance arrangements or provide product cost and risk comparisons. Instead, he used templated strategies and made recommendations that were applied regardless of his clients鈥� personal circumstances.
In some instances, Mr Haisman provided inappropriate advice by recommending very high levels of insurance cover compared to the clients鈥� income or by recommending life insurance policies to clients with no known dependants and no reasonable basis for the policies. ob体育 also found that Mr Haisman failed to provide statements of advice that were clear, concise and effective to all his clients.
ob体育 Commissioner Danielle Press said, 鈥楩inancial advisers providing personal advice are required by law to act in the best interests of their clients.
鈥榦b体育 expects advisers to take into account their clients鈥� personal circumstances, needs and financial goals to ensure that the advice they provide is appropriate. Failing to do so clearly indicates a lack of regard for the law and for the interests of clients,鈥� Ms Press said.
Mr Haisman has the right to appeal to the Administrative Appeals Tribunal for a review of 础厂滨颁鈥檚 decision. The banning order for Mr Haisman has been recorded on 础厂滨颁鈥檚 publicly available , which consumers can access to check the qualifications and credentials of financial advisers.
础厂滨颁鈥檚 has useful information on , including a calculator to help consumers work out whether they need life cover and what level of cover is appropriate. The website also has information about what to do if their .
Background
Mr Haisman was an authorised representative of Bristol Street Financial Services between 10 April 2010 to 6 December 2018. He was also a director and responsible manager of Bristol Street Financial Services鈥� Australian financial services (AFS) licence, which was cancelled by ob体育 on 6 December 2018 (18-373MR).