Hobart financial planner Matthew Geappen has been banned from providing financial planning services for five years by the Australian Securities and Investment Commission.
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ASIC’s concerns related to Mr Geappen’s practice of advising clients to switch from one insurance product to another which allowed him to generate commissions from insurance providers.
The commission had reason to believe Mr Geappen was not adequately trained or competent to provide financial advice and that he was not of good fame or character.
ASIC found Mr Geappen failed to act in the best interests of his clients, give advice that was appropriate and give priority to the interests of his clients over his own.
Mr Geappen has exercised his right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.