ANZ Former Financial Adviser Anthony Hilsley, Banned for Four Years
Former financial adviser, Anthony Hilsley, has been handed a four-year ban after breaching financial services laws. His failure to provide advice in the best interests of clients and neglecting crucial factors such as personal situations and existing products has led to this disciplinary action. Learn more about this case and its implications in the financial advisory industry.
A financial advisor from Kelmscott, Anthony Hilsley, violated financial services laws and is now facing a four-year ban. Hilsley has been accused of failing to offer financial advice that was in the best interests of his clients.
The ASIC review indicates Hilsley did not identify or get adequate enquiries into his clients’ personal situations, objectives, needs, and existing products when providing personal advice as an authorised representative of RI Advice Group (then owned by ANZ).
The corporate regulator also revealed Hilsley failed to consider the client’s pre-existing medical condition when recommending insurance products and replacing superannuation to one of his clients, causing a preventable loading to the premium. It could have been avoided if the suitability of the client’s existing products and their ongoing insurance needs had been taken into consideration.
At this time, Hilsley still has the right to appeal for a review of ASIC’s decision via the Administrative Appeals Tribunal.
Originally published by Mina Martin on Insurance Business Australia.
