In the period that Mr Taylor provided financial services, he used the money borrowed from clients to fund his own investments in options. He borrowed these funds from clients at a time when they had not obtained independent professional advice and took advantage of his professional relationship with those clients. In doing so, he exposed them to high financial risks.

ASIC found that between August 2007 and September 2016, Mr Taylor dishonestly withdrew at least $1,951,000, primarily sourced from private client funds earmarked for specific investments, and used these funds for both personal and business expenses.

ASIC found that Mr Grubwinkler failed to act in his clients' best interests when providing advice on superannuation and insurance.

“If the advisor does not have an AFSL you may receive little protection from services such as the Financial Ombudsman Service if something goes wrong,” said Mr Ripoll.

Glen Connor used clients' assets as security for his margin loan and borrowed client funds.

The first public hearing into the Banking Royal Commission is scheduled for February 12, however consumers shouldn’t expect to be compensated.

Mr Wilkins was a mortgage broker and helped clients to arrange finance to purchase properties. ASIC found that on five occasions in June and July 2010, Mr Wilkins submitted loan applications on behalf of clients in which he deliberately overstated their savings by between about $130,000 and $179,000.

ASIC has banned Commonwealth Financial Planner, Kimberley Holgate after she cancelled clients' existing insurance prior to replacement cover being approved. As a result, some clients were left without insurance cover at all, others were without insurance cover for a period of time and some had to pay increased premiums and fees.

David Alafaci misled Centra's clients about his authority to issue invoices by issuing invoices contrary to his contractual agreement with Centra and instructing clients to pay fees directly into his personal bank account.