ASIC has banned Adelaide-based adviser Peter Anthony Chigwidden from providing financial services for a period of five years for consistently failing to address the stated needs and objectives of his clients.
He also made recommendations without "adequate consideration" or the cost impact or other consequences of his advised, leaving his clients poorly informed, ASIC said.
According to the ASIC Adviser Register, Chigwidden was with Lifestyle Asset Management from December 2017 to March 2019. Before then, he was with Dover Financial from May 2016 to October 2017 as well as with Ballast Financial Management from April 2010 to September 2015.
The regulator found that Chigwidden, whose misconduct was notified to ASIC by Securitor Financial Group, a Westpac advice licensee, did not provide advice that was in the best interests of his clients.
Where his advice included product switching recommendations, he made those recommendations without adequate consideration of the cost impact or other consequences of that advice and failed to properly disclose the costs and consequences of the advice, leaving clients poorly informed.
Crucially, ASIC said the switching advice also failed to demonstrate that the recommended product(s) better met the clients' needs or objectives than their existing product(s).
Chigwidden also failed to provide statements of advice to clients when he was required to do so and, where he did provide those advice documents, he failed to include specific information such as the fees and costs the clients may incur.
The banning of Chigwidden was part of ASIC's Wealth Management Project, which focuses on the conduct of Australia's largest financial advice licensees - NAB, Westpac, CBA, ANZ, Macquarie and AMP.
As part of this project, ASIC has banned 54 advisers and one director from the financial services industry. Four bannings are the subject of appeal.