ASIC has banned former financial adviser Gawad Nabi from providing financial services for a period of three years.

Mr Nabi was an authorised representative of Life Plan FP Pty Ltd from 23 March 2018 to 31 March 2021, a director from 15 November 2019 to 30 December 2022, and a responsible manager from 19 January 2020 to 31 August 2022. Mr Nabi is also a director of Guardian Group Financial Planning Pty Ltd, a position he has held since 5 January 2018.

An ASIC review of advice provided by Mr Nabi found he had breached various financial services laws by failing to act in the best interests of clients, failing to provide advice that was appropriate to his clients, by not prioritising the interest of his clients above his own (or that of his AFS licensee), and by providing his clients with a disclosure statement that contained misleading or deceptive statements.

ASIC found that Mr Nabi has failed to maintain the high standards expected of a provider of financial services, that he does not understand the duties and obligations imposed by the Corporations Act on a provider of financial services; and that he cannot be relied upon to discharge the duties and obligations imposed by the Act on a provider of financial services.

Background

The banning of Mr Nabi is part of ASIC's ongoing efforts to improve standards across the financial advice industry. It will be recorded on ASIC's publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.