Adelaide-based financial adviser Barry Hassell has offered an enforceable undertaking (EU) to ASIC to permanently refrain from providing financial services, effective yesterday.
The corporate regulator has accepted the EU as part of a wider investigation into his conduct as a financial services representative.
The investigation into Hassell’s activities began on 2 September 2011, with ASIC alleging he provided financial advice in circumstances where the advice was not appropriate to the client and he did not provide or retain statements of advice (SOA) as required by the Corporations Act or at times fabricated those documents.
Hassell acknowledged these allegations as well as the regulator’s additional allegations he did not give clients information about remuneration or other benefits that might reasonably be expected to have been capable of influencing him in providing advice.
ASIC also alleged he advised clients to dispose of or reduce their interest in particular products and instead acquire or increase their interest in other products without disclosing significant consequences of taking the recommended action, such as charges or loss of pecuniary or other benefits.
Practising most recently at 101 Wealth Solutions, Hassell must notify current clients that he can no longer practise and refer any queries to his previous licensee, which revoked his authorisation on 28 March.
Since 2004, Hassell has been an authorised representative at different times for Pivotal Financial Advisers, Guardian FP, AAA Shares and AAA Financial Intelligence.
He has also carried on the business of Hassell-Free Insurance Services, either in his own capacity or as director of BD & WJ Hassell at various times since 1988.
“Financial advisers must provide financial services honestly and act in the best interests of clients so that consumers can have confidence and make informed financial decisions,” ASIC commissioner Peter Kell said.
