Australian Securities & Investments Commission bans Ian Wailes Potter for five years over inadequate supervision of a provisional relevant provider

The Australian Securities & Investments Commission (ASIC) issued a five-year banning order against Ian Wailes Potter, prohibiting him from providing financial services, controlling a financial services business, or performing functions in the operation of such a business. The ban relates to his conduct as a financial adviser and nominated supervisor of a provisional relevant provider (PRP) at Superannuation Advice Australia Pty Ltd, where he was also a responsible manager of AAN Wealth Management Pty Ltd, the Australian financial services licensee for Superannuation Advice Australia. ASIC’s review of advice given by the PRP found it was not in clients’ best interests and not appropriate, including because reasonable inquiries were not made into clients’ circumstances, there was no demonstrated need to switch superannuation products to meet objectives, and projection graphs and tables distorted comparisons between existing and recommended funds. Client file documents were also found to be substantially similar, with advice templated without proper consideration of individual circumstances, and ASIC concluded Mr Potter’s supervision was inadequate and that professional year documents required under the Corporations (Work and Training Professional Year Standard) Determination 2018 were incomplete, unsigned, or insufficient. The banning order took effect from 25 July 2025 and has been recorded on ASIC’s Banned and Disqualified Register. Mr Potter may appeal to the Administrative Review Tribunal.