ob体育 has banned Gold Coast-based advisers, Trent Allan and Fabrizio Urrutia, from providing any financial services for five years.
ob体育 found that Mr Allan and Mr Urrutia had not complied with financial services laws and ob体育 has reason to believe that they are not adequately trained or competent to provide financial services.
Mr Allan and Mr Urrutia were authorised representatives of Australian financial services licensee Financial Masterplan Pty Ltd from 24 June 2016 until 25 May 2021. They were also involved in the activities of Vision Wealth Group Pty Ltd (Vision Wealth), a corporate authorised representative of Financial Masterplan.
Vision Wealth established a website called , which was used to attract clients by helping them find their lost super through the聽 Australian Tax Office鈥檚 (ATO) free service. The search results were used by Mr Allan and Mr Urrutia to provide clients with superannuation consolidation and insurance advice, and a number of clients were signed up to an ongoing service arrangement.
Mr Allan and Mr Urrutia provided advice without a thorough investigation of the clients鈥� needs and objectives. In many cases, they did not make adequate enquiries about their clients鈥� existing superannuation and insurance products. Their advice also failed to provide appropriate reasoning for recommending the replacement of existing products.
ob体育 found that, in providing this advice, Mr Allan and Mr Urrutia failed to act in the best interests of their clients and prioritised their own interests over their clients鈥� interests. ob体育 also found that advice documents, comparing the existing and recommended products, were materially misleading.
Mr Allan鈥檚 and Mr Urrutia鈥檚 bannings have been recorded on the聽聽and the聽Banned and Disqualified Persons Register. ob体育鈥檚聽聽has useful information for consumers whose advisers have been banned.