ASIC has accepted an enforceable undertaking from a fifth ex-Storm Financial (Storm) adviser, Terence Webb.
As part of the enforceable undertaking, Mr Webb has agreed to complete courses for professional development within the next 12 months.
Mr Webb will also be subject to two years supervision, audit and review of the financial services he provides to clients by an ASIC approved independent senior financial planner.
ASIC Commissioner, Peter Kell, said this outcome reflected ASIC’s commitment to ensuring financial advisers met required standards and maintaining consumer confidence in the financial services system.
Following an investigation, ASIC found that Mr Webb, whilst employed at Storm, only advised clients to invest in accordance with the company’s single investment strategy.
ASIC was concerned that Mr Webb failed to warn clients that his financial advice may not have been individually tailored.
The corporate regulator is also concerned that Mr Webb may have given incomplete or inaccurate advice to clients after he departed Storm but continued to work as a financial planner.
He is currently an authorised representative or Synchronised Business Services.
Mr Webb is the latest Storm financial adviser to face ASIC since investigations of the business started in December 2008.
Earlier this month, ASIC also accepted an enforceable undertaking from ex-Storm adviser James Mousa from Cairns, Queensland.
In December 2011, ASIC accepted enforceable undertakings from three other financial advisers formerly employed by Storm Financial: Carey Fraser, Trevor Alan Benson and David Robert McCulloch.
In February 2011, ASIC also banned ex-Storm adviser Stuart Drummond from providing financial advice for four years following an investigation that found he made false and misleading statements and provided inappropriate advice to a number of his clients.
