The Australian Securities and Investments Commission (ASIC), the country's financial regulator, has banned Hobart-based financial planner Matthew Geappen from providing financial services for a period of five years.
ASIC's concerns related to Geappen's practice of advising his clients to switch from one insurance product to another which allowed him to generate commissions from insurance providers.
ASIC's investigation found that Geappen failed to act in the best interests of his clients failed to give advice that was appropriate and to give priority to the interests of his clients over his own interests. The investigation also concluded he was not adequately trained or competent to provide financial services.
Geappen was an authorised representative of Financial Wisdom Limited (FWL) from 18 December 2006 to 8 December 2016. He provided financial product advice in respect of superannuation, insurance and income protection products. FWL is a subsidiary of the Commonwealth Bank of Australia.
Geappen has exercised his right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.