Former financial adviser cops three year ban from ASIC

The Australian Securities and Investments Commission (ASIC) has banned a former financial adviser from providing financial services to clients for three years.

The ban follows a review conducted by the corporate regulator of Gawad Nabi’s advice services, which found he “breached various financial services laws by failing to act in the best interests of clients, failing to provide advice that was appropriate to his clients, by not prioritising the interest of his clients above his own (or that of his AFS licensee), and by providing his clients with a disclosure statement that contained misleading or deceptive statements”.

Nabi held several roles at Life Plan FP Pty Ltd, where he was an authorised representative from 23 March 2018 to 31 March 2021, director from 15 November 2019 to 30 December 2022 and responsible manager from 19 January 2020 to 31 August 2022. He has also been the director of Guardian Group Financial Planning Pty Ltd since 5 January 2018.

“ASIC found that Mr Nabi has failed to maintain the high standards expected of a provider of financial services, that he does not understand the duties and obligations imposed by the Corporations Act on a provider of financial services; and that he cannot be relied upon to discharge the duties and obligations imposed by the Act on a provider of financial services,” a statement from ASIC said.