Brisbane-based financial adviser Christopher Ramsay has been given a five-year ban for failing to act in clients’ best interests and giving inappropriate advice, the Australian Securities and Investments Commission says.

He failed in his obligations when providing advice to clients of his Westpac and NAB-subsidiary GMW, convincing them to switch superannuation and insurance products.

The regulator says Mr Ramsay’s clients were left financially worse off, paying substantially more for products than before and unaware they were saving less in superannuation.