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The Australian Securities and Investments Commission (ASIC) has banned former financial adviser Gawad Nabi from providing financial services for three years.
ASIC's investigation determined that Nabi failed to act in his clients' best interests, did not provide appropriate advice, and did not prioritize his clients' interests over his own or those of his AFS licensee. He also issued a disclosure statement to clients containing misleading or deceptive information.
Nabi served as an authorized representative of Life Plan FP Pty Ltd from March 23, 2018, to March 31, 2021. He also held positions as a director from Nov. 15, 2019, to Dec. 30, 2022, and as a responsible manager from Jan. 19, 2020, to Aug. 31, 2022.
Additionally, he has been a director of Guardian Group Financial Planning Pty Ltd since Jan. 5, 2018.
The review concluded that Nabi did not uphold the high standards expected of financial service providers, lacked an understanding of the duties and obligations imposed by the Corporations Act, and could not be relied upon to fulfill these duties.
This ban is part of ASIC's ongoing efforts to improve standards within the financial advice industry, with Nabi’s name now recorded on ASIC's publicly available Banned and Disqualified Persons Register.
