POWERED BY MOMENTUM MEDIA
ASIC bans two advisers for five years
The Australian Securities and Investments Commission (ASIC) has banned Gold Coast-based advisers, Trent Allan and Fabrizio Urrutia, from providing any financial services for five years.
They were involved with Vision Wealth, which established a website called Australian Super Search, which was used to attract clients by helping them find their lost superannuation through the Australian Tax Office’s (ATO) free service.
The search results were used by Allan and Urrutia to provide clients with superannuation consolidation and insurance advice, and clients were signed up to an ongoing service arrangement.
ASIC found that Allan and Urrutia had not complied with financial services laws and the corporate regulator had reason to believe that they were not adequately trained or competent to provide financial services.
ASIC said both provided advice without a thorough investigation of the clients’ needs and objectives.
“In many cases, they did not make adequate enquiries about their clients’ existing superannuation and insurance products,” ASIC said.
“Their advice also failed to provide appropriate reasoning for recommending the replacement of existing products.
“ASIC found that, in providing this advice, Mr Allan and Mr Urrutia failed to act in the best interests of their clients and prioritised their own interests over their clients’ interests.
“ASIC also found that advice documents, comparing the existing and recommended products, were materially misleading.”
Both were authorised representatives (ARs) of Australian financial services licensee (AFSLs) Financial Masterplan from 24 June, 2016, until 25 May, 2021.
The bannings were recorded on the Financial Advisers Register and the Banned and Disqualified Persons Register.
Recommended for you
Governor Michele Bullock took a more hawkish stance on Tuesday, raising concerns over Donald Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
