Queensland’s Breakaway Finance Group will cancel its financial services licence under an enforceable undertaking to the Australian Securities and Investments Commission (ASIC), as the regulator continues to crack down on planners.

Sole director Mark Roberts has agreed not to provide financial services for two years and to complete training and education before re-entering the industry.

ASIC has raised various concerns, including that Mr Roberts did not make reasonable inquiries into client circumstances, recommended cover when clients could not afford the premiums and failed to provide adequate disclosure when recommending switches.

Meanwhile, in NSW, ASIC has accepted an enforceable undertaking from former MyPlanner Australia adviser James Fraser after finding he failed to act in clients’ best interests.

Mr Fraser will not provide financial services for at least two years after a review showed he advised some clients to set up self-managed superannuation funds and switch super and insurance without properly considering existing arrangements.

ASIC says he failed to disclose relevant information about relationships and remuneration agreements with external parties, and failed to provide statements of advice when required.

In another case, ASIC says Queensland financial adviser Duane Wright and his First National Home Loans and Insurance business have accepted an undertaking involving training and having advice audited for a year.

Mr Wright and First National acted as an authorised representative of Guardian FP during the ASIC review period from July 2012 to April 2016. He is currently a representative of Alliance Wealth.

ASIC says Victorian-based Christopher John Cannon and Brisbane-based Danny Charles Pianta, directors of PAC Financial and authorised representatives of Austplan, have agreed to an independent expert overseeing their advice for three years.

It says they advised clients to switch insurance products when not appropriate and in some instances failed to consider all costs, risks, benefits and disadvantages in changing policy.