ASIC has banned Queensland financial adviser Gerald Grubwinkler from providing financial services for four years. ASIC found that Grubwinkler failed to act in his clients' best interests when providing advice on superannuation and insurance. Among the specific shortcomings ASIC found were that he failed to make reasonable enquiries into his clients' relevant circumstances, including income and living expenses; did not adequately investigate alternative strategies and products for them; and failed to provide an SOA prior to recommending the establishment of an SMSF. Grubwinkler's banning will be recorded on ASIC's Financial Advisers Register. He has the right to request the Administrative Appeals Tribunal review ASIC's decision. Payments NZ has briefed the New Zealand government on what it is doing to improve retail payments competition, saying it should have standardised open banking technology in place by the end of the year along with written standards on its use. Payments NZ had been warned that it needed to brief the minister on its progress on open banking and improved competition before this month or face government regulation.