Former Westpac financial planner banned for eight years

ASIC has found a former financial planner for Westpac to “not be competent”.

Anthony Bishop’s actions were reported to ASIC in May 2014.

A former Westpac financial planner has been banned by the corporate watchdog for eight years, amid findings he provided inappropriate advice to clients.

In a damning assessment, the Australian Securities and Investments Commission said Anthony Bishop, who worked for Westpac’s wealth management arm BT Financial Group, appeared to “not be competent to provide financial services”.

The finding follows claims Mr Bishop executed a “one size fits all” strategy for his clients from July 2010 to April 2014, which meant customers failed to have advice tailored to their needs and, in some cases, were left paying excessive premiums as they were overinsured.

His actions were reported to ASIC by BT in May 2014.

Mr Bishop was also alleged to have made a misrepresentation to a client in regard to tax savings and failed to provide a written statement of advice on one occasions.

He will not be permitted to offer financial services again until 2024.

“Advice needs to be tailored to the client’s needs and circumstances, and an advice provider must not lose sight of the needs of their client,” ASIC deputy chairman Peter Kell said.

A customer remediation program tied to the issue led to the repayment of $1.1 million to 29 Westpac clients, with the funds a mix of refunded advice fees, premiums and market losses tied to investments.

“BTFG today said it strongly supports ASIC in issuing a banning order on financial adviser, Mr Anthony Bishop,” a BT Financial Group spokesperson told The Australian.

“BTFG detected a number of issues surrounding the advice and compliance of Mr Bishop and immediately took action. Mr Bishop has not worked for BTFG since 2014.”