ob体育 has banned Brisbane-based former financial adviser Nathan Smith from providing financial services for three years.
ob体育 found that Mr Smith failed to provide financial advice that was appropriate and in the best interests of his clients.
Mr Smith did not consider his clients鈥� existing products when making recommendations to switch products and did not align recommended investment strategies with client risk profiles. He also failed to properly disclose in advice documents all the costs and significant consequences of switching products.
Mr Smith did not provide clients with fee disclosure statements within the 60 day statutory timeframe and he failed to provide compliant renewal notices in relation to ongoing fee arrangements.
Mr Smith鈥檚 banning has been recorded on ob体育鈥檚 publicly available聽聽and the聽.
Mr Smith has the right to appeal to the Administrative Appeals Tribunal for a review of ob体育鈥檚 decision.
础厂滨颁鈥檚听聽has useful information for consumers about聽, how to聽, and what to do if their adviser is banned.
Background
Mr Smith has been a financial adviser since 2010 and has been authorised by a number of AFS licensees. The misconduct, which resulted in this banning, occurred during the time he was an authorised representative of MyPlanner Professional Services Pty Ltd and Total Financial Solutions Australia Limited.
Editor's note:
On 31 May 2021, Mr Smith filed an application for review of ob体育's banning decision with the Administrative Appeals Tribunal.
Editor鈥檚 note 2:
On 19 August 2022, Mr Smith withdrew his application for review of ob体育鈥檚 banning decision with the Administrative Appeals Tribunal.