ASIC bans Hobart financial planner for 5 years
ASIC has banned Hobart financial planner Matthew Geappen from providing financial services for a period of five years.
According to ASIC, Mr Geappen advised his clients to switch from one insurance product to another which allowed him to generate commissions from insurance providers.
ASIC's investigation found that Mr Geappen:
- failed to act in the best interests of his clients;
- failed to give advice that was appropriate;
- failed to give priority to the interests of his clients over his own interests; and
- was not adequately trained or competent to provide financial services.
Mr Geappen was an authorised representative of Financial Wisdom Limited (FWL) from 18 December 2006 to 8 December 2016. He provided financial product advice in respect of superannuation, insurance and income protection products. FWL is a subsidiary of the Commonwealth Bank of Australia.
ASIC’s action was in response to information it received from the licensee, FWL, regarding concerns relating to Mr Geappen’s advice and advice processes.