ASIC has banned financial adviser Mr Graeme Ashley Cowper, of Oatley, NSW, from providing financial services for 4 years after an investigation found he was not adequately trained or competent to provide financial services.
The introduction of the Best Interest Duty in 2013 as part of the Future of Financial Planning reforms (FoFA) stipulates that financial planners must act in the best interest of their clients. While the Best Interest Duty has had an overwhelmingly positive effect, there are still a number of financial advisers being reported by ASIC who have not been compliant, and consumers should be aware of what to look out for to avoid these rogue financial advisers.
Former MP Bernie Ripoll, who chaired parliamentary joint committees on corporations and financial services, has signed on with financial complaints advice service, Financial Rescue. As a joint force, Mr Ripoll and Financial Rescue aim to help those who have suffered because of bad financial advice recover their losses.
ASIC Deputy Chairman Peter Kell said, 'The Targeting Scams report published today by the Australian Competition and Consumer Commission (ACCC) shows reports to Scamwatch on investment scams increased in 2016. ASIC is alerting the public to ways to stay informed and protect themselves from scams.