Brought to you by:

Adviser banned for three years

Facebook Twitter LinkedIn Google

Financial adviser Tarandeep Aujla has been banned for three years, with the Australian Securities and Investments Commission (ASIC) saying he failed to act in his clients’ best interests.

Surveillance found Mr Aujla recommended new insurance products to clients without identifying or considering their existing products, and made recommendations about the level of cover based solely on client direction instead of thoroughly analysing their needs or determining the impact of insurance premiums on their super balance.

He also didn’t obtain adequate information about his clients’ personal circumstances, financial details, needs and objectives, ASIC says.

The regulator investigated his conduct while he was an authorised representative (AR) of Infocus Securities, from February 1 2013 to October 5 2017, and when he was an AR of Chaucer Group from October 5 2017.

Mr Aujla was previously banned in 2009 for 18 months, which was reduced on appeal to eight months.