Tribunal affirms InterPrac, FSGA adviser bans

The Administrative Review Tribunal has affirmed ASIC's decisions to ban two former financial advisers from InterPrac Financial Planning and Financial Services Group Australia (FSGA) who were involved in the Shield and First Guardian master funds for five years.

Andrew Hanley and Shane Monte Silva received their verdicts after applying to the tribunal to review their respective five-year bans.

Hanley was an authorised representative of InterPrac between 28 March 2023 and 15 August 2024 and worked within the Venture Egg advice model.

The tribunal found that Hanley failed to act in the best interests of at least six clients and provided inappropriate advice. He advised four clients to invest in First Guardian, while advising two other clients to switch to Venture Egg model portfolios.

"Hanley had little or no interaction with the relevant clients or input into the preparation of the advice. He generally had only minutes to review the advice and assess its adequacy before joining calls to present it to clients," ASIC said.

Separately, Monte Silva was an authorised representative of FSGA from 24 May 2023 to 10 March 2025. He was found to have advised five clients to roll their super into platforms and invest in Shield and First Guardian between July and August 2023.

FSGA is currently in liquidation. The Australian Financial Complaints Authority recently finalised its lead decision for the business, finding that the firm provided inappropriate advice that led to financial losses for its clients.

In Monte Silva's case, he "had no involvement" in gathering key client information, conducted limited assessments of his clients' circumstances and often saw Statements of Advice (SoAs) only shortly before presenting them to clients.

ASIC said he relied on information prepared by others rather than personally identifying clients' objectives, financial circumstances and needs.

It was also found that his advice process formed part of a high-volume model and involved templated SoAs. Three clients with markedly different personal circumstances were advised to invest almost all their super in First Guardian, indicating the advice was not based on each client's needs.

In three cases, Monte Silva provided advice to a client that supposedly reflected his own advice, but the SoA was in the name of another person.

Both advisers' bans have since taken effect, with Monte Silva's commencing on 10 December 2025 and Hanley's commencing in March 2026.

Commenting, ASIC commissioner Alan Kirkland said the decisions reinforce that financial advisers remain personally responsible for the advice they provide to clients.

"Financial advisers cannot outsource their legal obligations to unlicensed marketers, lead generators or paraplanners," Kirkland said.

"Advisers must personally understand their clients' circumstances, critically assess the information gathered and investigate the products they recommend. Simply presenting advice prepared through a high-volume, templated process does not meet those obligations.

"Superannuation is for many people one of their most valuable assets. Its role is to support their quality of life in retirement. Advisers recommending that clients switch their retirement savings must exercise particular care and ensure the advice is genuinely in the client's best interests."

He said ASIC will continue to target practices that inappropriately or unnecessarily encourage consumers to switch their super.