ASIC bans former Charter, NAB adviser

A financial adviser who worked for AMP's Charter Financial Planning and NAB's GWM Adviser Services has been handed a four-year ban after the regulator reviewed a sample of his client files.

David O'Brien failed to consider his clients' circumstances and existing financial products while providing advice, ASIC said.

In providing superannuation advice, O'Brien did not check costs, investment strategy or his clients' existing insurance through their superannuation arrangements.

When providing insurance advice, he failed to prepare a needs analysis or objectively assess what level of insurance cover would achieve his clients' needs, ASIC said.

"One of Mr O'Brien's clients had their cover declined for pre-existing medical conditions after their existing insurance had been cancelled, leaving them uninsured," the regulator said.

O'Brien was licensed by AMP for close to eight years, first through Jigsaw Support Services and later Charter Financial Planning. He then moved to GWM Adviser Services in July 2016.

O'Brien is a member of the Financial Planning Association of Australia, according to the ASIC Financial Adviser Register.

"The FPA has already taken disciplinary action, Mr David Allen O'Brien's membership of the FPA was terminated on 20 December 2019," an FPA spokesperson said.

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

He is the 64th adviser to be banned by ASIC under its investigation of the conduct at the big four banks, AMP and Macquarie.

ASIC is looking at the conduct of Australia's biggest financial institutions in areas of credit and retail lending, financial advice, fees for no service, superannuation trustees, insurance, unfair contract terms and other licensee obligations.

In addition to the 64 advisers, ASIC has also banned three directors so far from the above.

Five of these bannings are subject of appeal, the regulator said.

Read more: ASICCharter Financial PlanningGWM Adviser ServicesNABDavid O'BrienFinancial Planning Association of Australia
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