ASIC accepts EUs from two Austplan advisers

ASIC has announced it has accepted EUs from Christopher John Cannon and Danny Charles Pianta, both directors of PAC Financial and authorised representatives of Austplan Pty Ltd, a non-bank dealer group controlled by the DNS Family Trust.

Both EUs relate to “deficiencies” in financial advice provided around insurance products.

Both Mr Cannon and Mr Pianta were found to have failed to act in the best interests of their clients when they advised them to switch insurance products “when it was not appropriate” and used “generic statement of advice templates when making financial product advice recommendations”.

The two directors of PAC Financial acknowledged that the regulator’s concerns were “reasonably held” and co-operated with the authorities, a statement from ASIC said.

They will now appoint and engage an independent expert to review their advice.