BREAKING: ASIC deals ban to life insurance financial adviser

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ASIC has banned a life insurance financial adviser as part of its ongoing investigations into the industry.

The regulator announced it had banned Lukas Zelka for three years. ASIC said Zelka's advice relating to the replacement of personal insurances did not meet the standards expected of a financial adviser.

In a review of client files, ASIC said Zelka had failed to act in the best interest of his clients by not giving adequate consideration to the information he had obtained about their relevant circumstances, including their existing insurance; had failed to provide appropriate advice; failed to have a reasonable basis for advice and relied excessively on template statements of advice containing prepopulated information, failing to tailor them to the client’s specific circumstances which led to false and misleading statements being made.

"ASIC is focused on weeding out advisers who fail to meet industry and community expectations. We want to ensure that consumers seeking life insurance can be confident that their adviser will provide appropriate advice," ASIC deputy chair Peter Kell said.