The Australian Securities and Investments Commission (ASIC) has banned a financial adviser who worked for years as a representative of National Australia Bank and AMP financial planning licensees and allegedly provided inappropriate advice.
David O'Brien failed to consider his clients' circumstances and existing financial products while providing advice, ASIC found.
In providing superannuation advice, O'Brien did not check costs, investment strategy or his clients' existing insurance through their superannuation arrangements.
One of O'Brien's clients had their cover declined for pre-existing medical conditions after their existing insurance had been cancelled, leaving them uninsured"
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.
O'Brien was an authorised representative of NAB-owned GWM Adviser Services between March 2016 and November last year. Before joining GWM he was an authorised representative of AMP-owned Charter Financial Planning Limited between 2012 and 2016.
"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 revealed.
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.
O'Brien is the 64th adviser to be banned by ASIC under its investigation of the conduct at the big four banks, AMP and Macquarie.