The regulator said it has banned Mark Lionel Tidbury, a financial adviser and former authorised representative of Meritum Financial Group. ASIC said Tidbury had contravened financial services laws, and claimed he was "likely to contravene a financial services law in the future".
ASIC said it had conducted a review that found in a number of instances, Tidbury had recommended clients to switch to a different superannuation product in circumstances where there was little benefit but significant additional cost in switching. But ASIC said the switching advice benefited Tidbury through increased adviser fees.
"Financial advisers must put their clients' interests ahead of their own. Super switching that provides little benefit to the client but is very profitable to advisers is clearly unacceptable," ASIC deputy chair Peter Kell said.
ASIC has banned a financial adviser for six years.