What happened
The Financial Services and Credit Panel (FSCP) has cancelled the registration of financial adviser Peter Morrison-Dowd, effective 10 July 2026. The FSCP has also prohibited him from re-registering as a financial adviser until after 13 September 2027.
What the prohibition covers
During the prohibition period, Peter Morrison-Dowd cannot provide personal advice to retail clients on relevant financial products.
Breaches found by the FSCP
The FSCP found the following breaches across multiple clients:
- Breach of the best interests duty
- Breach of the appropriate advice obligation
- Failure to comply with Statement of Advice (SOA) timing and provision requirements
- Making false or misleading statements, including quoting target returns and guaranteed outcomes without factual basis
- Failure to comply with the Code of Ethics in relation to three clients
The FSCP noted the serious nature of the breaches and the potential impact on two clients' retirement savings. No actual client loss was recorded at the time of the decision.
Registration status and verification
The FSCP Outcomes Register on the ASIC website (asic.gov.au) records the registration status of financial advisers. Businesses can check that register to verify the status of any financial adviser before they provide personal advice to clients.
Reference material
ASIC has published guidance relevant to financial adviser registration requirements, including ASIC Regulatory Guide 263, Information Sheet 276, and Information Sheet 277, all available at asic.gov.au.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.