A federal court judge has blasted troubled financial services group AMP for allowing its commission-hungry financial advisers to systematically rip off clients, ridiculing the company’s defence that there was just one “bad apple” and fining it $5.175m.

Sydney-based financial adviser Jim Pavlidis failed to provide financial advice that was in the best interests of his clients and to keep proper records. Mr Pavlidis failed to consider the relevant circumstances of each client and left client objectives unaddressed.

Squirrel is a financial technology company that holds an Australian financial services licence (AFSL). ASIC alleges that from around January 2015, Squirrel marketed and sold services helping customers establish and operate self-managed superannuation funds (SMSF) to purchase established residential property.

ASIC has banned mortgage broker Astna Shirtika Sahay, of Mascot NSW, from engaging in any credit activities for five years.

Australian Securities and Investments Commission (ASIC) announced today the permanent ban of Macquarie financial adviser Warren Acworth from providing financial services.

Tam Tran, the sole director and shareholder of Orchard Accountants Pty Ltd, was banned following an ASIC investigation that found funds were withdrawn from Ms Tran’s clients’ SMSF accounts without their authority and deposited into the trust account of Orchard Accountants.

Adelaide-based financial adviser Adrian John Cassidy has been banned from providing financial services for six years, after corporate regulator ASIC found he acted dishonestly in hiding client recommendations from his licensee, Godfrey Pembroke.

ASIC has permanently banned former financial advisor Nicholas Ellis, of Valentine, NSW, from providing financial services and engaging in credit activities.

Northern NSW-based financial adviser David Allen O’Brien has been banned from providing financial services for four years following surveillance by the Australian Securities and Investments Commission.

Wayne Blazejczyk failed his best interest duties by recommending clients with low super balances setup a SMSF, which exposed his clients to financial harm because the ongoing SMSF costs were higher than the costs of their existing superannuation fund.

The surveillance relates to the period in which Mr O’Neill was an Authorised Representative of Godfrey Pembroke and Wealthsure Financial Services. ASIC found that he failed to comply with financial services laws and wasn’t adequately trained.