ASIC has imposed a 7 year ban on Mr. Robert Gunner, a former financial adviser based in Brisbane, Queensland, prohibiting him from offering financial services.

Mr. Gunner worked as a representative of GuardianFP from February 15th, 2013, until May 4th, 2016. ASIC's investigation revealed that from January 2014 to February 2016, Mr. Gunner violated financial services regulations by:

• Advising clients to access their superannuation to acquire multiple insurance policies

• Upon receiving commissions from the insurance issuer, Mr. Gunner paid these commissions to clients after deducting his own expenses.

• Falsifying information on insurance application forms, client file notes, client profiles, and Statements of Advice.

ASIC Deputy Chair Peter Kell emphasized the regulator's commitment to barring financial advisers who knowingly flout the law from operating in the financial services sector.

Mr. Gunner retains the option to appeal ASIC's decision by seeking a review from the Administrative Appeals Tribunal.

Read the full IFA article here or read the ASIC Media Release (17-197MR) here.