AAT upholds ASIC’s banning of Perth SMSF adviser

The Administrative Appeals Tribunal (AAT) has affirmed ASIC’s decision to ban Perth-based adviser Wayne Blazejczyk from providing financial services for a period of five years.

In December 2019, ASIC banned Mr Blazejczyk for failure to meet best interests obligations when providing advice on self-managed super funds (20-001MR).

Mr Blazejczyk sought a review of the scope of ASIC’s banning order. He considered that the order should be limited to only prohibiting him from providing personal advice to retail clients. However, Mr Blazejczyk did not contest ASIC’s findings that he had breached a financial services law and conceded that a five-year banning period was appropriate.

The AAT was not satisfied that a limited banning order of the type proposed by Mr Blazejczyk would provide sufficient general deterrence. It was also not satisfied that the proposed limited banning order would promote consumer confidence and professionalism in the financial services industry.

In addition, the AAT was not satisfied that a permissive banning order (which would allow Mr Blazejczyk to engage in specific financial services activities) would be adequate to promote the protective objectives of the licensing regime.

The AAT affirmed ASIC’s decision to ban Mr Blazejczyk on 2 November 2020.

Mr Blazejczyk’s banning is recorded on ASIC’s publicly available Financial Advisers Register and Banned and Disqualified Register.

Download the AAT’s decision.

Background

Mr Blazejczyk was an authorised representative of Ballast Financial Management Pty Ltd since 1 October 2003.

ASIC’s banning of Mr Blazejczyk took effect from 18 December 2019. Mr Blazejczyk applied to the AAT for a review of ASIC’s banning order on 13 January 2020.

Ballast Financial Management Pty Ltd’s (Ballast) AFS licence is suspended until 18 December 2020 (20-242MR). The licence was suspended because Ballast had ceased to carry on a financial services business.

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