A Victorian financial adviser has entered into an enforceable undertaking from ASIC for failing to meet his obligations as a financial adviser.
According to the watchdog, Seamus O’Brien who traded as Cambridge Financial Plan
ning in South Yarra, Victoria failed to demonstrate a reasonable basis for the advice provided, adequately provide replacement product advice to clients, comply with the record keeping obligations relating to personal advice, and comply with the Statement of Advice requirements.
Under the enforceable undertaking, O’Brien has agreed not to provide financial services in any capacity for a minimum of one year. Should he decide to re-enter the financial services industry after this exclusion period, he must adhere to strict supervision requirements for 12 months and have each piece of advice audited by his new licensee before it is provided to the clients.