The Australian Securities and Investments Commission (ASIC) has issued a five-year ban against Queensland-based financial adviser, Grant Richard Thomson.
This decision prevents Thomson from providing financial services, controlling a financial services business, or being involved in any capacity within the financial services industry, with specific exceptions detailed below.
During a detailed review of Thomson’s practices while he was authorised by Australian Mortgage and Financial Advisers, ASIC uncovered several breaches of industry standards.
The regulatory body found that Thomson consistently failed to act in his clients’ best interests when providing financial advice. Specifically, the advice on insurance often included recommendations for levels of coverage that factored in mortgages clients had not yet secured.
Additionally, the investigation revealed that Thomson had a practice of having clients sign various critical documents such as application forms, ongoing service agreements, and authorities to proceed before they had received or reviewed their statements of advice.
This practice further demonstrated a disregard for the clients’ interests and the proper conduct expected of a financial adviser.
ASIC, which has recently stepped up its fight against online investment scams by taking down more than 10,000 fraudulent websites and ads this year alone, concluded that Thomson’s actions demonstrated he is not a fit and proper person to engage in the financial services industry.
The findings pointed to significant shortcomings in his training and competence, raising concerns about his likelihood to contravene financial services laws in the future.
Despite the severe restrictions, the ban includes provisions that allow Thomson to control, alone or with others, two specific entities—Balanced Life Financial Group and Balanced Life Wealth Strategies—until respective dates in August and September.
He is also permitted to perform certain functions related to the financial operations of these entities within the specified timeframe.
Thomson’s ban has been recorded on ASIC’s banned and disqualified register, ensuring public visibility of the sanction.
Thomson retains the right to appeal ASIC’s decision to the Administrative Review Tribunal, offering him a channel to contest the findings and the imposed sanctions.
Thomson held positions as a financial adviser with Australian Mortgage and Financial Advisers from Sept. 1, 2023, to Nov. 27, 2023, and with LFG Financial Services from Nov. 28, 2023, to March 24, 2025.
