ASIC Places 4yr Ban on Hobart Adviser
The Australian Securities and Investments Commission (ASIC) today announced that it has banned Hobart-based financial adviser Hannah Jennings from providing financial services, carrying on a financial services business and controlling an entity that carries on a financial services business for four years.
ASIC found that Ms Jennings failed to act in the best interests of her clients by providing advice that was inappropriate in light of her clients' relevant personal circumstances.
Additionally, ASIC found that Ms Jennings also failed to keep proper records and that she was not adequately trained or competent to provide financial services. Her lack of understanding about her legal and professional obligations as a financial adviser created additional risks to her current and future clients.
Ms Jennings' banning took effect on 01 April 2021. Ms Jennings applied to the AAT for a review of ASIC's decision but withdrew her application on 08 June 2021.
The banning of Ms Jennings is part of ASIC's ongoing efforts to improve standards across the financial services industry and has been recorded on ASIC's publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.
ASIC's Moneysmart website has useful information for consumers about choosing a financial adviser, how to complain about a financial adviser and what to do if their adviser is banned.
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