Hobart financial planner banned for five years

ASIC has banned Hobart financial planner Matthew Geappen from providing financial services for a period of five years.

ASIC’s concerns related to Mr Geappen’s practice of advising his clients to switch from one insurance product to another which allowed him to generate commissions from insurance providers.

ASIC also had reason to believe Mr Geappen was not adequately trained or competent to provide financial services and was not of good fame or character.

ASIC found that Mr Geappen failed to:

• act in the best interests of his clients;
• give advice that was appropriate; and
• give priority to the interests of his clients over his own interests.

Mr Geappen was an authorised representative of Financial Wisdom Limited (FWL) from 18 December 2006 to 8 December 2016. He provided financial product advice in respect of superannuation, insurance and income protection products. FWL is a subsidiary of the Commonwealth Bank of Australia. 

Mr Geappen has exercised his right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

ASIC’s action was in response to information it received from the licensee, FWL, regarding concerns relating to Mr Geappen’s advice and advice processes.

The banning of Mr Geappen is part of ASIC’s Wealth Management Project.