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Screenshot of a breaking news alert e-mail from Q2 2017
ASIC announced that it has accepted an enforceable undertaking (EU) from former MyPlanner Australia Pty Ltd adviser, James Fraser, after it was found that he failed to act in the best interests of his clients.
Under the EU, Mr Fraser has agreed that he will not provide financial services for a period of at least two years. If he wishes to re-enter the industry at the conclusion of the two year exclusion period, he will be required to complete additional self-managed superannuation fund training and adhere to supervision requirements.
An ASIC review of client files found that Mr Fraser had failed to act in the best interests of some clients when he:
- advised them to establish self-managed superannuation funds, and switch existing superannuation and insurance arrangements into those funds without appropriate consideration of the clients’ existing arrangements;
- failed to disclose information about relationships with external parties, or the remuneration agreements with those parties that would capable of influencing the advice;
- failed to provide a statement of advice when personal advice was provided.
Mr Fraser was an authorised representative of MyPlanner Australia Pty Ltd based in Cronulla, New South Wales at the time of the conduct. He was more recently an authorised representative of MyPlanner Professional Services Pty Ltd.
ASIC acknowledges the co-operation of Mr Fraser throughout the surveillance.