The Australian Securities and Investments Commission has banned a former Professional Investment Services (PIS) adviser for a year.

Seamus O’Brien traded as Cambridge Financial Planning in Melbourne and was a PIS adviser from 2007.

PIS reported him to ASIC after he offered products that were not on the dealer group’s approved list.

It was also concerned Mr O’Brien did not consider alternative products or strategies when advising clients and demonstrated poor record-keeping and collection of client details.

ASIC reviewed six client files at Mr O’Brien’s business and found he could not show a reasonable basis for the advice provided. The regulator also raised issues with replacement product advice and the requirement to give clients statements of advice.

PIS terminated Mr O’Brien’s authorisation with the group in December last year.

If Mr O’Brien wants to act as an adviser after his ban, he must have each piece of advice audited at his own cost before it is passed to clients.