ASIC bans Spectrum Wealth financial adviser

Australian Securities and Investments Commission (ASIC) permanently bans former financial adviser with Spectrum Wealth, Jane Elizabeth Myers. The action follows a period when Myers was authorized to represent Spectrum Wealth Advisers Pty Ltd between October 2013 and March 2017.

Myers claimed to only facilitate the establishment of self-managed superannuation funds (SMSFs) for her clients. However, surveillance on Myers found uncovered that Myers gave her clients financial product advice recommending they establish SMSFs and abandon their existing superannuation for SMSFs. Myers failed to identify her clients’ circumstances and consider whether SMSFs would suit her clients’ needs. She also failed to inform her clients of associate costs and provide them with statements of advice. In doing so, ASIC found that Myers did not act in the best interest of her clients.

ASIC found Myers to lack adequate training and competence to provide financial services. SMSF may impact customers’ retirement savings and advisers must take the personal circumstances of their clients into account when recommending the establishment of SMSFs.

ASIC also banned a New South Wales adviser Alexander Bruce Thomas for a period of three years. Thomas was authorized to represent National Australia Bank Limited between June 2008 and March 2017, and of Forsyths Financial Services Pty Ltd between September 2017 and October 2019. ASIC found that he failed to comply with financial services laws.

ASIC uncovered that Thomas did not examine and consider his client’s relevant circumstances when giving financial advice. In doing so, he failed to act in the best interest of his clients.

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