ASIC bans Perth advisor for five years
Content of Penalty:
The Australian Securities and Investments Commission (ASIC) has banned Perth-based financial adviser Philip Leake from providing financial services for a period of five years. ASIC found that Mr Leake failed to act in his clients' best interests when providing advice on life insurance.
ASIC's surveillance of Mr Leake found that he had not considered his clients' circumstances and what life insurance coverage they may need, nor their ability to pay for the insurance he recommended. Mr Leake failed to make a reasonable assessment of which life insurance products might be best suited to his clients' needs.
ASIC also found that Mr Leake made false and misleading statements in his Statements of Advice, claiming to have considered his clients' circumstances in relation to the waiting periods for income protection policies when he had not.
ASIC's surveillance of Mr Leake looked at a number of his client files from Wealthsure Financial Services Pty Ltd, where he was an authorised representative from March 2015 until January 2018.