Grant Thompson banned by ASIC for 5 years
ASIC has prohibited Queensland-based financial adviser Grant Richard Thomson from providing financial services, controlling any entity that operates a financial services business, or performing any functions related to a financial services business for 5 years (subject to some limited exceptions).
Grant Richard Thomson served as an appointed financial adviser with Australian Mortgage And Financial Advisers Pty Ltd from 1 September 2023 to 27 November 2023, and with LFG Financial Services Ltd from 28 November 2023 to 24 March 2025.
ASIC has reviewed the advice Mr Grant Richard Thomson provided while he was authorised by Australian Mortgage And Financial Advisers Pty Ltd (AMAFA). The review found that Mr Grant Thomson failed to provide financial advice that was in the best interests of his clients and suitable for their needs.
Insurance advice that he gave included recommended coverage amounts that accounted for mortgages that his clients had not yet acquired. Mr Grant Thomson was also found to have had his clients sign application forms, ongoing advice service agreements, and authority to proceed documents before they had received a statement of advice.
ASIC concluded that Mr Thomson is not a fit and proper person to participate in the financial services industry, and is likely to breach financial services laws.
As per ASIC’s Media Release, Mr Grant Thomson’s ban allows him some limited permissions, to:
until 31 August 2025, control, whether alone or in concert with one or more other entities, each of Balanced Life Financial Group Pty Ltd (BLFG) and Balanced Life Wealth Strategies Pty Ltd (BLWS); and
until 30 September 2025, perform any function involved in the carrying on of a financial services business by either BLFG or BLWS.
Mr Grant Richard Thomson’s ban is recorded in ASIC’s banned and disqualified register.
This information is based on the ASIC Media Release (25-048MR) from the 28th of March 2025 and is true at the time of publishing.