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ASIC bans former Synchron adviser

A Queensland-based former Synchron adviser has been banned for seven years by the Australian Securities and Investments Commission (ASIC) for giving poor advice.
ASIC found Mateen Mohammed “could not be relied upon to discharge the duties and obligations imposed on a provider of financial services”.
“He had not maintained the high standards expected of a provider of financial services,” the regulator says. “In particular, it was found Mr Mohammed did not act in the best interests of his clients.”
An investigation found he did not make reasonable enquiries into clients’ relevant objectives, financial situations or needs.
ASIC also found he submitted an insurance application without his client’s knowledge and misled or deceived the insurer as to his authority to do so.
Mr Mohammed was an authorised representative of Synchron from July 1 2010 until April 22 last year.
“Where there is nothing in the client’s relevant circumstances to indicate the switch [of life insurance policy] would be beneficial, ASIC will conclude the client is not in a better position,” ASIC Deputy Chairman Peter Kell said.

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