ASIC has banned James Furnell and Adrian Summers for seven and five years respectively. Mr Furnell was a director and authorised representative of United Wealth Group Pty Ltd (United Wealth Group). Mr Summers is the director, and was an authorised representative and responsible manager, of United Wealth Group.
The ban prevents Mr Furnell from providing any financial services, performing any function involved in the carrying on of a financial services business and controlling an entity that carries on a financial services business.
ASIC found Mr Furnell failed to act in his clients’ best interests by failing to conduct reasonable investigations of products that might meet his clients’ needs. He failed to provide appropriate advice and engaged in misleading or deceptive conduct by failing to disclose his association with a product provider and misleading clients in relation to product fees.
The ban prevents Mr Summers from providing any financial services, controlling an entity that carries on a financial services business and managing, supervising or auditing the provision of financial services and providing training about financial services or products.
ASIC found Mr Summers engaged in misleading or deceptive conduct by failing to disclose referral fees and misleading clients in relation to product and ongoing contribution fees. He failed to provide appropriate advice and advice that was in his clients’ best interests.
ASIC found that both Mr Furnell and Mr Summers failed to disclose the risks associated with an investment product and ASIC has reason to believe they are not adequately trained or competent to provide one or more financial services.
Mr Furnell and Mr Summers have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
The bannings have been recorded on the Banned and Disqualified Persons Register. ASIC’s Moneysmart website has useful information for consumers whose advisers have been banned.
Background
Mr Furnell was an authorised representative of United Wealth Group from 1 September 2017 to 16 June 2021. He was a director of United Wealth Group until 23 April 2021.
Mr Summers was an authorised representative of United Wealth Group from 15 December 2018 to 26 July 2021. He was a director of United Wealth Group from 15 March 2019 and responsible manager from 1 April 2019.
