Australia’s corporate regulator has banned financial adviser Ian Wailes Potter from working in financial services for five years, citing failures in supervision and advice standards during his time at superannuation Advice Australia Pty Ltd.
ASIC said the prohibition, which took effect on 25 July 2025, prevents Mr Potter from providing financial services, controlling a business that provides financial services, or performing any function involved in the operation of such a business. His name has been added to ASIC’s Banned and Disqualified Register. He may seek a review of the decision in the Administrative Review Tribunal.
The action stems from Mr Potter’s conduct while acting as an adviser and the nominated supervisor of a provisional relevant provider (PRP) at Superannuation Advice Australia. Over the same period he was also a responsible manager at AAN Wealth Management Pty Ltd, the Australian financial services licensee for Superannuation Advice Australia.
A review of client files handled by the PRP under Mr Potter’s oversight found the advice fell short of legal obligations. ASIC concluded it failed to put clients’ interests first and was unsuitable, pointing to inadequate inquiry into clients’ circumstances, a lack of justification for rolling clients into different superannuation products, and use of projections that presented skewed comparisons between existing and recommended funds. The regulator also noted client documents were largely uniform, indicating templated advice that did not properly account for individual needs, finances and objectives.
As the PRP’s supervisor, Mr Potter is taken to be responsible for those contraventions. ASIC further determined his supervision was deficient, with required records for the PRP’s professional year incomplete, unsigned or otherwise not meeting the standards set out in the Corporations (Work and Training Professional Year Standard) Determination 2018.
Under the professional year framework, PRPs may only give personal advice to retail clients while supervised, completing 1,600 hours of work and training, including at least 100 hours of structured learning. Supervisors must be experienced relevant providers, ensure appropriate oversight, and approve in writing any statement of advice given by a PRP to a retail client. For the purposes of the Corporations Act 2001 (Cth), personal advice given by a PRP to a retail client is treated as having been provided by the supervisor.
ASIC’s decision underscores the heightened responsibilities on supervisors and licensees to ensure training, documentation and client advice meet statutory standards and genuinely reflect each client’s situation.
