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Financial planner cops 4-year ban for best interests breach
Financial planner cops 4-year ban for best interests breach
The corporate regulator has banned a Tasmanian adviser who breached the best interests duty from financial services for four years.
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In a statement, ASIC said Hobart adviser Hannah Jennings had been banned from providing financial services, carrying on a financial services business and controlling an entity that carries on a financial services business for four years, as of 1 April this year.
An investigation had found that advice Ms Jennings provided around gearing had not been in her clients’ best interests.
Date Time
ASIC bans Hobart adviser for four years
ASIC has banned Hobart-based financial adviser Hannah Jennings from providing financial services, carrying on a financial services business and controlling an entity that carries on a financial services business for four years.
ASIC found that Ms Jennings failed to act in the best interests of her clients by providing advice that was inappropriate in light of her clients’ relevant personal circumstances.
ASIC reviewed advice provided by Ms Jennings which recommended clients continue with double gearing strategies despite knowing that clients struggled to service the borrowing arrangements.
In providing this advice, Ms Jennings had no regard to the clients’ relevant personal circumstances, their cash flow position or their ability to cover margin calls. Ms Jennings also failed to consider an exit strategy for her clients as well as appropriate personal insurance cover.
Financial adviser Hannah Jennings has been banned after the corporate regulator found she was inappropriately recommending clients double gearing strategies.
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