ASIC has banned Brisbane-based former financial adviser Nathan Smith from providing financial services for three years.

ASIC found that Mr Smith failed to provide financial advice that was appropriate and in the best interests of his clients.

Mr Smith did not consider his clients’ existing products when making recommendations to switch products and did not align recommended investment strategies with client risk profiles. He also failed to properly disclose in advice documents all the costs and significant consequences of switching products.

Mr Smith did not provide clients with fee disclosure statements within the 60 day statutory timeframe and he failed to provide compliant renewal notices in relation to ongoing fee arrangements.

Mr Smith’s banning has been recorded on ASIC’s publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.

Mr Smith has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

ASIC’s Moneysmart website has useful information for consumers about how to choose a financial adviser, how to complain about a financial adviser, and what to do if their adviser is banned.

Background

Mr Smith has been a financial adviser since 2010 and has been authorised by a number of AFS licensees. The misconduct, which resulted in this banning, occurred during the time he was an authorised representative of MyPlanner Professional Services Pty Ltd and Total Financial Solutions Australia Limited.

Editor's note:

On 31 May 2021, Mr Smith filed an application for review of ASIC's banning decision with the Administrative Appeals Tribunal.

Editor’s note 2:

On 19 August 2022, Mr Smith withdrew his application for review of ASIC’s banning decision with the Administrative Appeals Tribunal.