A Queensland adviser has been banned for five years for pushing clients into more expensive life insurance policies than they needed.

Frazer Jon Muscat, of Beenleigh, used an “insurance needs calculation template” that failed to take his clients’ individual circumstances into account and recommended they apply for higher levels of insurance than required, an Australian Securities and Investments Commission investigation found.

The advice in question came when he was an authorised representative of Bristol Street Financial Services between August 5 2010 and December 6 last year.

Bristol Street’s financial services licence was cancelled on December 10 last year.

In many cases Mr Muscat’s recommendations were at odds with his clients’ objectives and needs, the regulator says.

He also switched superannuation accounts from one provider to another without investigating existing arrangements, and failed to provide advice on other relevant areas requested by clients, such as cashflow management and debt reduction strategies...