Former Westpac and AMP adviser cops five-year ban

In a statement, ASIC said Mr Luplau did not clearly explain what the advice he provided was about, consider clients’ relevant personal and financial circumstances.

Additionally, the regulator said Mr Luplau had failed to compare products he recommended to products already held by clients, or provide appropriate disclosure of the benefits and consequences of replacing these products.

“ASIC found that Mr Luplau’s record-keeping practices were inadequate, that he failed to act in the best interests of his clients, and that he gave advice to clients which was well below community expectations,” the regulator said.

Mr Luplau was an employee representative of Westpac Banking Corporation between February 2005 and March 2010, before becoming an authorised representative of AMP-owned Charter Financial Planning from December 2013 until July 2016.