Planner on ASIC radar

A QUEENSLAND financial planner will be closely monitored for the next 12 months after the corporate regulator found he had failed to provide adequate advice for clients buying life insurance policies.

The Australian Securities and Investments Commission said yesterday that Duane Wright and his business, First National Home Loans and Insurance, which has an office at Hope Island, had “failed to undertake adequate inquiries’’ about the personal circumstances of clients before recommending they switch policies.

ASIC also found that Mr Wright had advised clients to buy life insurance that was too expensive and had “failed to consider the longer term impact on retirement savings of placing life insurances within superannuation’’.