Gawad Nabi, a former financial adviser, has been banned from providing financial services for a period of three years by ASIC.

Nabi, who served as an authorized representative, director, and responsible manager at Life Plan FP Pty Ltd and as a director at Guardian Group Financial Planning Pty Ltd, has been found to have breached various financial services laws.

An ASIC review of Nabi's advice highlighted several breaches, including failure to act in the best interests of clients, providing inappropriate advice, prioritizing his interests over those of his clients or his AFS licensee, and presenting clients with misleading or deceptive disclosure statements.

ASIC concluded that Nabi failed to uphold the expected standards of a financial services provider, lacked understanding of the duties and obligations imposed by the Corporations Act, and could not be relied upon to fulfill these duties and obligations.

This banning is part of ASIC's ongoing efforts to uphold standards within the financial advice industry and will be recorded on ASIC's publicly available banned and disqualified register and the Financial Advisers Register.

The banning highlights the importance of adhering to regulatory requirements and prioritizing clients' interests in the provision of financial advice.

This information comes from the official ASIC media release on the 22nd of May 2024 and is true at the time of publishing. To read ASICs media release click here.