Brian Dobinson of Redcliffe in Queensland is now permanently prevented from being involved in any capacity with the provision of financial services or products, according to an ASIC statement released yesterday.
According to ASIC, Mr Dobinson provided financial product advice through his related entities including Dobinson Financial, Dobinson Holdings Pty Ltd and Lighthouse Redcliffe Pty Ltd.
He was an authorised representative of Total Financial Solutions Australia Limited between 1 October 2010 and 11 December 2015.
Among other issues, ASIC said it found that Mr Dobinson failed to properly consider and advise whether it was in the best interests of a client to switch from existing defined benefit superannuation products to accumulation superannuation products.
Further, ASIC found that Mr Dobinson advised clients to switch superannuation funds when it was not appropriate to do so.
ASIC ultimately found that Mr Dobinson failed to act in his clients' best interests when providing advice.
"In instances where advice is provided to consumers to switch from existing superannuation products, especially defined benefit style funds, the adviser must ensure all necessary investigation of both the existing and recommended products has been undertaken," said ASIC deputy chair Peter Kell.
"ASIC will not tolerate advisers who place their interests above those of their client and provide product advice that is not appropriate to the client," Mr Kell said.