MyPlanner adviser agrees to EU with ASIC

21-Dec-2017

By Sarah Kendell

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A former MyPlanner adviser has agreed to an enforceable undertaking with ASIC that will see him banned from the financial services industry for two years.

James Fraser was found by the corporate regulator to have breached the best interests duty by advising clients to switch to self-managed superannuation funds (SMSF) without appropriate consideration of the clients’ existing arrangements.

ASIC said that following a review of Fraser’s client files, he was also found to have failed to provide a statement of advice in instances where personal advice was being given, and failed to disclose information about remuneration agreements with external parties that were capable of influencing the advice he gave.

Fraser, whose practice was based in Cronulla, Sydney, agreed not to practise financial services for two years, and to undergo additional training in SMSF advice and adhere to additional supervision requirements if he decided to return after that period.

He was an authorised representative of MyPlanner Australia at the time the poor advice occurred and more recently was licensed under MyPlanner Professional Services.

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