The Financial Services and Credit Panel (FSCP) has made an order to cancel the registration of financial adviser Peter Morrison-Dowd, effective 10 July 2026, and that Mr Morrison-Down not be registered as a relevant provider until after 13 September 2027.
Mr Morrison-Dowd is prohibited from providing personal advice to retail clients on relevant financial products during this period.
The FSCP formed a reasonable belief that Mr Morrison-Dowd contravened the best interests duty, the appropriate advice obligation and the timing of giving a statement of advice (SOA) requirement in relation to three clients. He also contravened the obligation to give a SOA in relation to two clients.
The panel found that Mr Morrison-Dowd did not follow a proper best interests advice process in relation to three clients. For two of the clients, he failed to adequately identify their relevant objectives, financial situation and needs and failed to assess suitable alternatives.
The panel found that the recommendations were not appropriate to the clients because they exposed the clients to inappropriate levels of risk having regard to their circumstances. For one client a significant portion of their relatively low SMSF balance was placed into high-risk or illiquid product. For the two other clients, the panel found that the recommended investments were inconsistent with the client's risk profile and asset allocation.
The FSCP also found that in relation to two clients, Mr Morrison-Dowd made false or misleading statements when providing personal advice. These statements included target returns and guaranteed outcomes without an adequate factual basis.
In addition, the FSCP found that Mr Morrison-Dowd failed to comply with the Code of Ethics in relation to three clients.
The FSCP found that it was appropriate to make a registration prohibition order given the serious nature of the contraventions and the potential impact on two clients' retirement savings, notwithstanding there was no current client loss.
Mr Morrison-Dowd must not provide personal advice to retail clients in relation to relevant financial products until after 13 September 2027.
Background
The FSCP makes administrative decisions on matters referred to it by ASIC that relate to the conduct of financial advisers. The FSCP is a pool of industry participants, appointed by the Minister, that ASIC draws upon when forming individual sitting panels. Each sitting panel comprises an ASIC staff member and at least two members of the FSCP.
The FSCP has the power to make a registration prohibition order under s921L(1)(c) of the Corporations Act.
The FSCP's decision has been published on the FSCP Outcomes Register on the ASIC website.
More information
For further information on the FSCP and the financial adviser registration requirement see:
- Regulatory Guide 263 Financial Services and Credit Panel for the principles and processes relating to the FSCP
- Information Sheet 276 Registration of Relevant Providers
- Information Sheet 277 Registration of relevant providers: Guidance on making declarations
