Former AR of Fiducian Financial Services Banned From the Industry for 4 Years

A WA adviser failed to follow the financial services laws and has been forbidden from the industry for four years.

Anthony Hilsley, a former authorised representative (AR) of RI Advice Group and Fiducian Financial Services, has been banned by The Australian Securities and Investments Commission (ASIC) after several faults were found in his advice files.

Hilsley’s failure to provide advice in the best interests of his clients and failure to identify or obtain adequate enquiries into his clients’ personal situations, objectives, needs, and existing products are the primary lapses observed by ASIC.

Hilsley also suggested to one of his clients to replace superannuation and insurance products without considering the client’s pre-existing medical condition.

ASIC claims that this led to a preventable loading of the premium, and this could have been entirely avoided if he had considered the suitability of the client’s existing products and their ongoing insurance needs.

Acting in the best interests of clients is one of the legal obligations of a financial adviser when offering personal advice. Reasonable steps are required for understanding the client’s personal needs and exploring existing financial products to ensure the advice given is appropriate and successfully meets the objectives of the clients.

Mr Hilsley has the right to appeal ASIC’s decision through the Administrative Appeals Tribunal.

Originally published by insuranceNEWS.com.au.