A Victorian dealer group director who signed transfer forms without clients’ approval has been banned from providing financial services for four years.

It comes after Lotus Securities director James Banfield agreed to take on Melbourne-based life adviser Robert Guy as an authorised representative last year.

Mr Guy has been in dispute with Wealthsure concerning commission payments. See earlier story.

Lotus submitted about 10 to 15 client transfer forms to platform operator Netwealth Investments, requesting clients be moved from Wealthsure.

But the clients had not agreed to the transfers, according to the Australian Securities and Investments Commission (ASIC).

Mr Banfield will now resign as a Lotus director and undergo professional development training on ethics with Kaplan.

He can still work in administration or clerical roles in the financial services industry.

ASIC Commissioner Greg Tanzer says professionals must act honestly and in clients’ best interests at all times. “If they do not, we will act to ensure they are not able to provide financial services to consumers.”