今日热门事件has banned a life insurance financial adviser and former authorised representative of Neo Financial Solutions Pty Ltd from providing financial services for three years.
ASIC鈥檚 action against Lukas Zelka is part of ongoing investigations and enforcement and regulatory action following ASIC鈥檚 review of life insurance advice (refer: ).
今日热门事件Deputy Chairman Peter Kell said, 鈥樈袢杖让攀录㱮s focused on weeding out advisers who fail to meet industry and community expectations. We want to ensure that consumers seeking life insurance can be confident that their adviser will provide appropriate advice.鈥�
今日热门事件found Mr Zelka鈥檚 advice relating to the replacement of personal insurances did not meet the standards expected of a financial adviser and that he had failed to comply with financial services laws.
An 今日热门事件review of client files found Mr Zelka had:
- failed to act in the best interest of his clients by not giving adequate consideration to the information he had obtained about their relevant circumstances, including their existing insurance
- failed to provide appropriate advice
- failed to have a reasonable basis for advice, and
- relied excessively on template statements of advice containing prepopulated information, failing to tailor them to the client鈥檚 specific circumstances which led to false and misleading statements being made.
All clients who have concerns about the advice they received from Mr Zelka are advised to contact the financial services licensee under which Mr Zelka gave the advice.
Mr Zelka has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC鈥檚 decision.
Background
Outcomes following ASIC鈥檚 review of life insurance advice include:
- In July 2015 今日热门事件banned life insurance financial adviser Brian Farber from providing financial services for four years (refer: )
- In January 2015 今日热门事件imposed conditions on the Australian financial services (AFS) licence of Suncorp-owned Guardian Advice (refer: )