Queensland adviser Travis McLean has been banned from providing financial services for five years by the Australian Securities and Investments Commission (ASIC).

Mr McLean failed to act in clients’ best interests and did not comply with several financial services laws between July 2006 and July this year.

The misconduct occurred when he was an authorised representative of Millennium3 Financial Services and Total Financial Solutions.

“The business model of simply ‘selling’ life insurance without complying with the legal and regulatory obligations will not be tolerated,” ASIC Deputy Chairman Peter Kell said.

Mr McLean can appeal to the Administrative Appeals Tribunal.