Compliance Corner - AxiomSL, ASIC

Editorial Staff

29 June 2018

AxiomSL
Regulatory reporting business has banned financial advisor Graeme Cowper from providing financial services for four years. This comes after an ASIC investigation found he was not adequately trained or competent to provide financial services.

Between 2007 and 2015, Cowper worked as a financial advisor at National Australia Bank, AON and Tynan Mackenzie while based in Sydney. He then transferred to Ipac Securities, which is a wholly-owned subsidiary of AMP.

Cowper was banned from providing financial services after the Panel found that:

- He had a fundamental lack of understanding of the duties and obligations imposed by the Corporations Act 2001 on providers of financial services; and
- He gave advice to a number of clients over the period 2007 to 2013 that did not appear to be appropriate.

The banning will appear on ASIC’s Banned and Disqualified Persons Register and be reflected on ASIC’s Financial Advisors Register. Cowper has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.