ASIC bans Queensland Financial Adviser, Victor Haisman for bad insurance advice

A Queensland-based adviser, Victor Haisman, has been slapped with a seven years ban for providing bad advice to his clients by the Australian Securities and Investments Commission (ASIC).

The corporate watchdog said that Ian Victor Haisman had been providing templated advice not tailored to his clients' individual circumstances, needs and financial goals.

"In some instances, Haisman provided inappropriate advice by recommending very high levels of insurance cover compared to the clients' income or by recommending life insurance policies to clients with no known dependants and no reasonable basis for the policies," ASIC said.