Financial Planners

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ASIC has banned financial adviser Mr Graeme Ashley Cowper, of Oatley, NSW, from providing financial services for 4 years after an investigation found he was not adequately trained or competent to provide financial services.
This is the first administrative banning decision made by ASIC’s new Financial Services and Credit Panel following a hearing before it.
Between 2007 and 2015 Mr Cowper worked as a financial adviser at National Australia Bank, AON and Tynan Mackenzie while based in Sydney. He then transferred to Ipac Securities Limited, which is a wholly-owned subsidiary of AMP Limited.
Mr Cowper was banned from providing financial services after the Panel found that Mr Cowper:
<ul>
<li>had a fundamental lack of understanding of the duties and obligations imposed by the Corporations Act 2001 on providers of financial services; and</li>
<li>gave advice to a number of clients over the period 2007 to 2013 that did not appear to be appropriate.</li>
</ul>
In particular, the Panel found Mr Cowper:
<ul>
<li>recommended gearing strategies when the client could not afford it;</li>
<li>recommended clients switch to a new superannuation fund but did not give sufficient detail in the Statement of Advice (“SOA”) to enable the client to decide whether or not to proceed with the advice; and </li>
<li>recommended clients switch to a new superannuation fund without warning them in the SOA that the new fund was expensive compared to their old fund, or that it included insurance that did not cover the client’s pre-existing health condition which was covered in the current fund.</li>
</ul>
The banning will appear on ASIC’s <a href="https://asic.gov.au/online-services/search-asics-registers/banned-and-disqualified/">Banned and Disqualified Persons Register</a> and be reflected on ASIC’s <a href="https://www.moneysmart.gov.au/investing/financial-advice/financial-advisers-register">Financial Advisers Register</a>.
Mr Cowper has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
ASIC's MoneySmart website has useful information for clients of advisers to help them understand what to do if their <a href="https://www.moneysmart.gov.au/investing/financial-advice/problems-with-a-financial-adviser/has-your-financial-adviser-been-banned">adviser has been banned</a>.　
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jrobinson-rf4aSBido9

Former NAB financial planner Graeme Cowper banned by ASIC 

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The former Principal of Sherwin Financial Planners Pty Ltd and Chairman of Wickham Securities Ltd has today pleaded guilty to 25 charges brought by ASIC, arising out of the collapse of his financial planning business.
Bradley Thomas Sherwin, 62, of Everton Hills, Queensland, appeared in the Brisbane District Court, and pleaded guilty to:
<ul>
<li>twenty four counts of dishonestly causing a detriment between May 2009 and December 2012 to the value of nearly $10 million to a number of clients of Sherwin Financial Planners; and</li>
<li>one count of dishonestly breaching his duties as a director of Wickham Securities Limited between June 2010 and October 2010.</li>
</ul>
Mr Sherwin will be sentenced on 14 November 2017.  Mr Sherwin did not apply for bail and was remanded in custody.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Wickham Securities collapsed in December 2012, owing more than $27 million to approximately 300 debenture holders. 
Sherwin Financial Planners and other companies of which Mr Sherwin was a director collapsed in January 2013, owing more than $30 million to clients of Sherwin Financial Planners.
In May 2016, ASIC permanently banned Mr Sherwin from providing financial services.
In September 2016, the former Chief Executive Officer of Wickham Securities, Garth Peter Robertson, was sentenced to 5 years imprisonment after pleading guilty to various charged brought by ASIC, including fraud.
In June 2013, ASIC cancelled the registration of the auditor of Wickham Securities, Brian Kingston, after forming the view he failed to carry out or perform adequately and properly the duties of an auditor.
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