Ban for SMSF adviser upheld

Wayne Blazejczyk was banned from providing financial services for five years in December 2019 after ASIC found he recommended clients set up SMSFs through an administration service he was the owner and beneficiary of, as well as recommending that they invest in a fund that he managed.

ASIC also found that Mr Blazejczyk had recommended that his clients set up SMSFs with low superannuation balances, and that the ongoing SMSF costs were higher than the costs of their existing superannuation fund.

Mr Blazejczyk sought a review of the banning order and considered that it should only prohibit him from providing personal advice to retail clients. The ATT did not believe that a limited banning order of the type Mr Blazejczyk sought provided sufficient deterrence or that it would promote consumer confidence and professionalism in the financial services industry and affirmed the banning order.

Mr Blazejczyk did not contest ASIC’s findings and conceded that the five-year ban was appropriate. Mr Blazejczyk was an authorised representative of Ballast Financial Management since 1 October 2003. Ballast’s AFSL is suspended until 18 December as it has ceased to carry on a financial services business.