Professional Misconduct

Matthew James Brannelly

Address: Brisbane, Qld, Australia
Sex: Male
Occupation: Company Director/Executive
Date: 13 February 2009


ASIC has banned Mr Matthew James Brannelly and his father, Mr Paul Anthony Brannelly, both of Brisbane, from providing financial services. Mr Matthew Brannelly was banned for six years and Mr Paul Brannelly was banned for four years.

The financial planning company, Brannelly Financial Pty Ltd, of which Matthew and Paul Brannelly were the only directors, has also been banned from providing any financial services for six years.

Between October 2003 and November 2005, Mr Matthew Brannelly and Mr Paul Brannelly advised clients to invest in promissory notes offered by a number of companies associated with the Westpoint Group which collapsed in early 2006.

An ASIC investigation found that Mr Matthew Brannelly did not undertake sufficient investigations nor consider the risks associated with these products, prior to making recommendations to his clients to invest in Westpoint.

ASIC’s investigation determined that Mr Matthew Brannelly forwarded information to clients which represented that Westpoint promissory notes were a good investment opportunity without performing a full analysis of the clients’ financial circumstances or undertaking sufficient investigation into these products. In doing so, Mr Matthew Brannelly had provided financial advice without meeting the legislative requirements. In particular, ASIC also found that Mr Matthew Brannelly failed to make reasonable inquiries about his clients’ tolerance to products with a significant degree of associated risk. 

ASIC also found that Mr Matthew Brannelly provided ambiguous information regarding financial products to his clients. In particular, ASIC found that statements made to clients contained information which may have caused those clients to make investment decisions based on inaccurate or incomplete information.

An ASIC investigation found that Mr Paul Brannelly provided letters of recommendation to clients which lead the clients to believe that he had taken into account their personal circumstances when, in fact, he had not done so. These letters had the potential to cause clients to make decisions based on recommendations that may not have been relevant to their particular financial circumstances.

In light of the defective advice provided by Messrs Matthew and Paul Brannelly, ASIC’s investigation concluded that Brannelly Financial Pty Ltd had facilitated the provision of this advice through the actions of its directors. 

Mr Matthew Brannelly and Brannelly Financial Pty Ltd were authorised representatives of Deakin Financial Services Pty Ltd from 1 October 2003 until 31 October 2005. Mr Paul Brannelly was an authorised representative of Deakin Financial Services Pty Ltd from 6 October 2003 until 31 October 2005. All three entities were authorised representatives of Platinum Group Financial Services Pty Ltd (later Sentry Financial Services Pty Ltd) from 1 November 2005 and still retained that status at the time they ceased to provide the relevant advice at the end of December 2005.

Twenty-two licensed advisers, four unlicensed advisers and one corporate entity have now been banned by ASIC in relation to advice around Westpoint products.