Australian Securities and Investments Commission (ASIC) has permanently banned Dunlop, ACT-based financial adviser Jane Elizabeth Myers and New South Wales-based financial adviser Alexander Bruce Thomas for three years, from providing financial services.
This follows an ASIC surveillance of Ms Myers when she was an authorised representative of Spectrum Wealth Advisers Pty Ltd between October 2013 and March 2017.
ASIC’s surveillance found that Myers gave her clients financial product advice recommending they establish SMSFs and roll over their existing superannuation into SMSFs. In doing so, she did not act in her clients’ best interests or provide advice that was appropriate to their circumstances.
In one instance, she advised her client to roll over existing life insurance to the newly established SMSF. As a result, the client lost life insurance cover and subsequently the client’s spouse did not receive the insurance payout.
ASIC found Myers is not adequately trained or competent to provide financial services and that she is likely to contravene a financial services law in the future. Her conduct demonstrated serious incompetence and irresponsibility.
Thomas was an authorised representative of National Australia Bank Limited between June 2008 and March 2017, and of Forsyths Financial Services Pty Ltd between September 2017 and October 2019.
ASIC found that Thomas failed to comply with financial services laws, including failing to provide advice that was in the best interests of his clients.
A review of a sample of his advice files showed that he failed to make reasonable inquiries into, and base all judgements on, his client’s relevant circumstances, and to appropriately scope the advice.