FSCP bans adviser over client advice failures

The Financial Services Credit Panel (FSCP) has cancelled the registration of financial adviser Peter Morrison-Dowd and banned him from providing personal advice to retail clients until at least September 2027 after finding multiple breaches of his legal and ethical obligations.

The panel's order took effect on 10 July 2026 and prohibits Morrison-Dowd from being registered as a relevant provider until after 13 September 2027.

The FSCP found Morrison-Dowd breached the best interest's duty, the appropriate advice obligation and statement of advice (SOA) requirements when advising three clients. It also found he failed to provide an SOA to two clients.

According to the panel, Morrison-Dowd "did not follow a proper best interests advice process" and, in two cases failed to adequately identify clients' objectives, financial circumstances and needs or assess suitable alternative strategies.

The panel also determined his recommendations exposed clients to inappropriate levels of investment risk.

In one instance, a significant portion of a client's relatively modest self-managed superannuation fund was invested in high-risk or illiquid assets. For two other clients, the recommended investments were inconsistent with their stated risks profiles and asset allocation requirements.

The FSCP further found Morrison-Dowd made false or misleading statements to two clients, including claims about target returns and guaranteed investment outcomes that lacked an adequate factual basis.

In addition to the legislative breaches, the panel concluded Morrison-Dowd failed to comply with the financial adviser Code of Ethics in relation to three clients.

Despite finding there was no current financial loss suffered by clients, the panel said the seriousness of the misconduct and the potential impact in two clients' retirement savings justified a registration prohibition order.

The FSCP, which considers adviser conduct matters referred by ASIC has the power to impose registration sanctions under the Corporations Act. Its decision has been published on ASIC's FSCP Outcomes Register.