ob体育 has banned financial adviser Wendy Chapman from providing financial services for five years.
This follows an ob体育 surveillance of Ms Chapman鈥檚 advice while an authorised representative of National Australia Bank Limited and Key Financial Planners Pty Ltd.
ob体育 found that Ms Chapman failed to gather relevant client information when providing personal financial product advice, including assessments of products that might achieve clients鈥� objectives and needs. Ms Chapman also failed to assess affordability and explore the consequences of replacing existing products.
ob体育 also found that Ms Chapman backdated advice documents to give the impression to her licensees that she had complied with her obligations under the law.
ob体育 Commissioner Danielle Press said, 'Advisers must act with integrity and comply with the law when providing personal advice to clients. Any adviser taking short cuts or backdating documentation can expect serious consequences. Consumers should be able to feel confident that the financial advice they are receiving is in their best interests.鈥�
The banning of Ms Chapman is part of ob体育鈥檚 ongoing efforts to improve standards across the financial services industry. It will be recorded on ob体育's publicly available and the Banned and Disqualified Persons Register.
Ms Chapman has the right to appeal to the Administrative Appeals Tribunal for a review of ob体育鈥檚 decision.
ob体育's MoneySmart website has useful information for consumers about , about how to complain about a financial adviser and about what to do if their .
ob体育鈥檚 action against Wendy Chapman falls within ob体育's Wealth Management Major Financial Institutions Portfolio. The Portfolio focuses on the financial services conduct of Australia's largest financial institutions (NAB, Westpac, CBA, ANZ, Macquarie and AMP) with respect to credit and retail lending, financial advice, fees for no service, superannuation trustees, insurance, unfair contract terms and other licensee obligations, and other conduct arising from the Financial Services Royal Commission.
As part of its Wealth Management Portfolio, ob体育 has banned 63 advisers and聽three directors from the financial services industry. Four bannings are the subject of appeal.