ASIC has announced that it has banned Queensland financial adviser Gerald Grubwinkler from providing financial services for four years. ASIC found that Mr Grubwinkler failed to act in his clients’ best interests when providing advice on superannuation and insurance.
Specifically, ASIC found that Mr Grubwinkler had failed to:
- adequately identify the subject matter and scope of the advice sought by his clients;
- make reasonable enquiries into his clients’ relevant circumstances, such as obtaining information on income and living expenses;
- adequately investigate alternative strategies and products that may have been suitable for his clients’ objectives; and
- provide an SOA prior to recommending the establishment of an SMSF.
Mr Grubwinkler’s banning will be recorded on ASIC’s Financial Advisers Register.
ASIC’s MoneySmart website has useful information for clients of advisers to help them understand what to do if their adviser has been banned.
Mr Grubwinkler has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Background
ASIC’s surveillance of Mr Grubwinkler reviewed advice provided to clients while he was an authorised representative of Suncorp Financial Services Pty Ltd from 19 March 2009 to 20 May 2016. Mr Grubwinkler was subsequently an authorised representative of Matrix Planning Solutions Limited from 20 May 2016 to 29 September 2017 and Clearview Financial Advice Pty Ltd from 29 September 2017 to 19 January 2018.