SMSF adviser banned for best interests failure

7 January 2020
| By Jassmyn |
image
image
expand image

The corporate watchdog has banned Perth self-managed superannuation fund (SMSF) adviser, Wayne Blazejczyk from providing financial services for five years for failing to meet best interests obligations.

Blazejczyk was an authorised representative, responsible manager, and director of Australian financial services licensee Ballast Financial Management since 1 October 2003.

The Australian Securities and Investments Commission (ASIC) found that Blazejczyk recommended clients with low super balances to set up a SMSF.

“Blazejczyk exposed his clients to financial harm because the ongoing SMSF costs were higher than the costs of their existing superannuation fund,” ASIC said.

He also recommended that his clients invest in the Bateau Global Opportunities fund of which Blazejczyk was the investment manager of. He was also the owner and beneficiary of the SMSF administration service he recommended.

ASIC said it found that he failed to prioritise his clients’ interests before his own.

“In statements of advice to his clients, Blazejczyk also failed to disclose his interests in entities related to him and the associated benefits and remuneration he would receive that could influence the advice he provided,” ASIC said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

10 months 3 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 3 weeks ago

The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones....

17 hours ago

APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers....

17 hours ago

The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members. ...

3 days 16 hours ago