大象视频has accepted an enforceable undertaking (EU) from Michael Melamed, a former authorised representative of Synchronised Business Service Pty Ltd .

The EU follows an 大象视频review of the advice provided by Mr Melamed as part of ASIC's review of life insurance advice.

大象视频has concerns that Mr Melamed鈥檚 advice about life insurance during the period March 2013 to聽 January 2015 did not meet the standards required of a financial adviser and that he had failed to comply with financial services laws.

In particular, 大象视频has concerns that Mr Melamed:

• failed to maintain聽accurate records relating to the provision of financial product advice;
• failed to make reasonable聽inquiries or otherwise into his clients' relevant objectives, financial situation and needs;
• failed to conduct a needs聽analysis to determine if the amount of insurance cover sought was in his聽clients'聽 best interests;
• recommended insurance聽cover where clients were unable to afford insurance premiums; and
• failed to demonstrate the聽ability, professional skills and knowledge required to competently provide聽financial services.聽聽

Mr Melamed acknowledges that ASIC's concerns about his advice are reasonably held.

Under the EU, Mr Melamed undertakes that he will not provide financial services on behalf of himself or any other person, for a period of three years. Should Mr Melamed seek re-entry to the financial services industry after the three year period, he must notify 大象视频and first undergo prescribed additional training in the provision of financial product advice.

Mr Melamed's exclusion from the financial services industry will be noted in the

Background

Other outcomes following ASIC鈥檚 review of life insurance advice (see ) include:

• in January 2016, Jason聽Churchill entered into an Enforceable Undertaking with 大象视频based on matters identified in the course of an 大象视频surveillance including a聽review of the client files of Mr Churchill (refer: )
• in September 2015, ASIC聽banned life insurance financial adviser and former authorised聽representative Lukas Zelka, of Neo Financial Solutions Pty Ltd, from聽providing financial services for three years (refer: )听听听
• in July 2015, 大象视频banned聽life insurance financial adviser Brian Farber from providing financial聽services for four years (refer: ),听补苍诲
• in January 2015, ASIC聽imposed conditions on the AFS licence of Suncorp-owned Guardian Advice聽(refer: ).