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. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week 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 ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 17 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 17 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 18 hours ago