The corporate regulator has banned a financial adviser who worked for years as a representative of National Australia Bank and AMP financial planning licensees and allegedly provided inappropriate advice.

Northern NSW-based financial adviser David Allen O’Brien has been banned from providing financial services for four years following surveillance by the Australian Securities and Investments Commission (ASIC).).

During his time as an authorised representative of NAB-owned GWM Adviser Services from March 2016 to November 2019, and previously with AMP-owned Charter Financial Planning Limited from 2012 to 2016. ASIC conducted a review of Mr O'Brien's advice files. They found he neglected to adequately assess clients’ circumstances or conduct thorough investigations into their existing financial products.

Specifically, ASIC noted Mr O'Brien failed to tailor advice according to individual client needs, omitted inquiries into product costs, investment strategies, and the presence of insurance coverage when advising on superannuation.

NAB undertook targeted reviews of Mr O'Brien’s files, concluding no major issues were found and no client compensations were necessary. AMP, amidst a comprehensive review of its planning network, declined to disclose details of their assessment of Mr O'Brien's clients.

ASIC highlighted that Mr O’Brien failed to properly evaluate clients’ insurance needs or objectively determine appropriate coverage levels. One client reportedly lost insurance coverage due to pre-existing medical conditions after Mr O'Brien advised them to cancel existing policies.

Mr O'Brien retains the option to appeal ASIC’s decision through the Administrative Appeals Tribunal. Attempts to reach Mr O'Brien for comment were unsuccessful.

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