A former client of Premium Wealth Management has accused ASIC and the Financial Services Ombudsman (FOS) of colluding against him after being refused access to his financial adviser’s breach report.
Terence Perrottet accused the regulating bodies of conspiring against him after ASIC decided in August last year not to release a breach report with Premium to him, according to Administrative Appeals Tribunal (AAT) documents dated July 2011.
Perrottet said his request arose out of his “dissatisfaction” with the service he received from his financial adviser at Premium, in particular the claims he lost around $180,000 due to poor advice, the documents said.
As part of his request for access to a breach report, Perrottet claimed his adviser refused to roll over his superannuation to his self-managed fund unless he signed an authority, which he did not agree to do.
“Mr Perrottet also submitted that the adviser had breached many of the regulations by which she was bound, including not issuing him with statements of advice in a timely way, or at all, on various occasions,” the documents said.
The documents said following ASIC’s refusal to release the report, the decision was affirmed on 12 November 2010 after internal review.
As a result of the outcome, Perrottet exercised his right to appeal to the AAT, they said.
Perrottet’s dissatisfaction has also drawn Assistant Treasurer Bill Shorten into the case, with a letter from Shorten to independent MP Rob Oakeshott, dated 10 November, used as evidence.
“In making this determination, ASIC has advised that their specialist financial advisers division conducted an exhaustive examination of the facts presented to ASIC,” the letter said.
“ASIC’s findings are in line with that of FOS.”
Despite Shorten’s letter, Perrottet renewed his request for access to the breach report, the documents said.
“I can understand Mr Perrottet’s wish to see a breach report if he feels he has been badly served and financially disadvantaged by Premium Wealth Management and its representative,” AAT senior member Geri Ettinger said.
“In conclusion, based on the facts, submissions of the parties, the case law and the legislation as discussed above, I find that the correct or preferable decision is to decline to release the documents sought by Mr Perrottet.”
