ASIC has banned Queensland financial adviser Gerald Grubwinkler

Reason:
Non Compliant
Content of Penalty:

ASIC has banned Queensland financial adviser Gerald Grubwinkler from providing financial services for four years. ASIC found that Mr Grubwinkler failed to act in his clients' best interests when providing advice on superannuation and insurance.

Specifically, ASIC found that Mr Grubwinkler had failed to:

  • adequately identify the subject matter and scope of the advice sought by his clients;
  • make reasonable enquiries into his clients' relevant circumstances, such as obtaining information on income and living expenses;
  • adequately investigate alternative strategies and products that may have been suitable for his clients' objectives; and
  • provide an SOA prior to recommending the establishment of an SMSF.

. ASIC found that Mr Grubwinkler failed to act in his clients' best interests when providing advice on superannuation and insurance.

Specifically, ASIC found that Mr Grubwinkler had failed to:

  • adequately identify the subject matter and scope of the advice sought by his clients;
  • make reasonable enquiries into his clients' relevant circumstances, such as obtaining information on income and living expenses;
  • adequately investigate alternative strategies and products that may have been suitable for his clients' objectives; and
  • provide an SOA prior to recommending the establishment of an SMSF.

Date: 18/04/2018
Link: http://asic.gov.au/about-asic/media-centre/find-a-media-release/2018-releases/18-109mr-asic-bans-former-suncorp-financial-services-financial-adviser-for-four-years/