Mr Ripoll suggests that people unhappy with the response from their adviser’s complaints team, to take the next step and contact an external dispute resolution (EDR) service which exists to resolve disputes between consumers and their financial service provider.

With the Royal Commission into the banking sector confirmed, it’s refreshing to know some financial industry professionals still put their clients’ interests first.

The introduction of the Best Interest Duty in 2013 as part of the Future of Financial Planning reforms (FoFA) stipulates that financial planners must act in the best interest of their clients.

ASIC has accepted an enforceable undertaking (EU) from former Hart Ensole Pty Ltd representative, Dean Hartmann, after it was found that he failed to meet his financial advice obligations when dealing with his clients.

The Federal Court has imposed a civil penalty of $1 million against Melbourne-based financial advice firm NSG Services Pty Ltd (currently named Golden Financial Group Pty Ltd) (NSG) for breaches of the best interests duty introduced under the Future of Financial Advice (FOFA) reforms.

Self-Managed Super Fund (SMSF) investors need to be made aware of a scheme that is being promoted across the country. Investors are being advised to borrow to buy off-the-plan property, misleadingly offering high rewards and promising little to no risk. For many, this has ended in unnecessary financial losses.

ASIC has permanently banned financial adviser Koresh Daniel Houghton from providing financial services because he had engaged in misleading, deceptive and dishonest conduct and failed to act in his clients' best interests when providing advice

Mr Dimitropoulos' banning arises from ASIC's ongoing investigation into a property and self-managed superannuation fund (SMSF) promoting group, which includes the companies formerly called Heritage Financial Solutions Australia Pty Ltd (in liq) (Heritage Financial Solutions) and Sunpac Finance Pty Ltd (Sunpac Finance).

Over the last few years there has been a steep increase in the number of people being poorly advised to put their retirement savings into a Self-Managed Super Fund (SMSF) and then borrow to invest into off–the-plan property.

Financial advisers have a clear duty to act in their clients' best interests. In some cases, advice to establish an SMSF for the sole purpose of purchasing a property may not be in a client's best interests, particularly where the SMSF borrows funds to enable the purchase.

ASIC found that Gerard Manley from Wilson Advisory and Stockbroking engaged in conduct that was misleading or deceptive, or likely to mislead or deceive, clients and employees of Wilson Advisory and Stockbroking Limited (Wilsons).

ASIC has permanently banned former financial adviser Neil Bruce Trower from providing any financial services. Neil Trower is a former representative of Millennium 3 Financial Services Pty Ltd (M3), and a former employee of Lifestyle Financial Services (Qld) Pty Ltd a corporate representative of M3, who provided risk advice from the outer Brisbane suburb of Cashmere.