Financial Planning
ASIC bans financial adviser

ASIC has banned a financial adviser from providing financial services for four years for failing to act in the best interests of clients.

ASIC found Bundaberg-based Peter Goudie did not adequately identify his clients' objectives, financial situation and needs, or investigate whether the financial products recommended  were suitable.

Goudie was an authorised representative of Risk and Investment Advisors Australia, and National Australia Bank-owned GWM Adviser Services before the ban.

In failing to act in the best interests of clients, ASIC found Goudie generated fees and commissions for himself. He also failed to give a number of his clients a Statement of Advice.

Commissioner Danielle Press said ASIC's decision reflects its expectation that financial advisers comply with the law and act in their client's best interests and not their own.

"Assessing client needs and providing a clear Statement of Advice are critical parts of the advice process. Advisers must remember that failing to provide the necessary advice documentation to clients is a serious breach of the law," Press said.

ASIC said this ban is a part of ongoing efforts to improve standards across the financial services industry.

It will be recorded on ASIC's publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.

Goudie has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

Read more: ASICAdministrative Appeals Tribunal forDanielle PressDisqualified Persons RegisterFinancial Advisers RegisterGWM Adviser ServicesInvestment Advisors AustraliaPeter Goudie
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