ASIC has banned Queensland-based financial adviser Grant Richard Thomson from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business.
In a review of advice provided by Mr Thomson while he was authorised by Australian Mortgage And Financial Advisers Pty Ltd, ASIC found that Mr Thomson failed to provide financial advice to his clients that was in their best interests and appropriate for them.
The review also found that Mr Thomson failed to prioritise his client’s interests. The insurance advice by Mr Thomson included recommended levels of cover that incorporated mortgages which the clients had not yet obtained.
The review further identified that Mr Thomson arranged for clients to sign application forms, ongoing advice service agreements and authority to proceed documents prior to clients receiving…
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