The corporate regulator has banned a former Suncorp financial adviser for four years after finding he failed to properly check clients' circumstances and didn't offer them a sufficient variety of products.
The Australian Securities and Investments Commission says Gerald Grubwinkler, who represented Suncorp Financial Services for seven years until May 2016, failed to act in his clients' best interests when providing superannuation and insurance advice.
ASIC says he failed to obtain information on clients' income and living expenses, did not adequately investigate alternative strategies and products, and failed to properly establish what his clients were actually seeking.
The Queensland-based adviser, who worked for Matrix Planning Solutions and Clearview Financial Advice after leaving Suncorp, can appeal against the ban.
