ASIC has banned Queensland-based financial adviser Grant Richard Thomson from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business.
In a review of advice provided by Mr Thomson while he was authorised by Australian Mortgage And Financial Advisers Pty Ltd, ASIC found that Mr Thomson failed to provide financial advice to his clients that was in their best interests and appropriate for them.
The review also found that Mr Thomson failed to prioritise his client’s interests. The insurance advice by Mr Thomson included recommended levels of cover that incorporated mortgages which the clients had not yet obtained.
The review further identified that Mr Thomson arranged for clients to sign application forms, ongoing advice service agreements and authority to proceed documents prior to clients receiving statements of advice.
ASIC found it had reason to believe that Mr Thomson is not a fit and proper person, is not adequately trained or is not competent to participate in the financial services industry and is likely to contravene a financial services law.
Mr Thomson was an appointed financial adviser with Australian Mortgage And Financial Advisers Pty Ltd from 1 September 2023 to 27 November 2023 and an appointed financial adviser with LFG Financial Services Ltd from 28 November 2023 to 24 March 2025.
The banning order allows Mr Thomson to:
- until 31 August 2025, control, whether alone or in concert with one or more other entities, each of Balanced Life Financial Group Pty Ltd (BLFG) and Balanced Life Wealth Strategies Pty Ltd (BLWS); and
- until 30 September 2025, perform any function involved in the carrying on of a financial services business by either BLFG or BLWS.
