ASIC has banned a Western Australia-based adviser from providing financial services for four years.
The regulator said it had been surveilling Anthony Hilsley's activities when he was an authorised representative of RI Advice Group, owned at that time by ANZ.
Hilsley was most recently an authorised representative of Fiducian Financial Services.??
ASIC found Hilsley failed to comply with financial services laws, including failing to provide financial advice that was in the best interests of his clients.
"A review of Hilsley's advice files revealed that he did not identify, or make sufficient enquiries into, his clients' personal circumstances, properly consider his clients' objectives and needs, and, in some cases, did not consider their existing products when providing personal advice," the regulator said.
ASIC said for one client, Hilsley recommended replacing superannuation and insurance products without taking the client's pre-existing medical condition into account.
"As a result, a loading was added to the premium, which could have been avoided if Hilsley had considered the suitability of the client's existing products to meet their ongoing insurance needs," ASIC said.
The regulator stressed that financial advisers have a legal obligation to act in the best interests of their clients when providing personal advice.
"This includes taking reasonable steps to understand their clients' personal circumstances and exploring existing financial products to ensure they are providing appropriate advice that meets their clients' objectives," ASIC said.
ASIC said Hilsley has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.