A Sydney-based financial adviser has copped his second ban after ASIC surveillance showed that he failed to act in his clients' best interests.
The regulator reviewed advice given by Tarandeep Aujila while he was an authorised representative of Infocus Securities Australia from 2013 to 2017 and Chaucer Group from October 2017.
ASIC had previously banned Aujila in 2009.
When providing personal financial advice, financial advisers have a legal obligation to act in the best interests of their clients"
Tarandeep Aujla was slapped with a three-year ban after an ASIC review of the advice he provided while he was an authorised representative of Infocus Securities Australia and Chaucer Group found that he did not obtain adequate information from clients about their personal circumstances and recommended new insurance products without identifying or considering their existing products.
ASIC added Aujla also made recommendations about the level of insurance cover based solely on client direction instead of undertaking a thorough analysis of their needs or determining the impact of the insurance premiums on their superannuation balance.
"When providing personal financial advice, financial advisers have a legal obligation to act in the best interests of their clients," ASIC said.
"Advisers must take reasonable steps to understand and take into consideration the clients' personal circumstances when providing personal advice, and not rely solely on client direction. ASIC expects advisers to adequately demonstrate why the advice is appropriate and why it is in their clients' best interests."
The banning will be recorded on the Financial Advisers Register, and Banned and Disqualified Persons Register.
Mr Aujila has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.