The Australian Securities and Investments Commission (ASIC) has banned former Dover Financial Advisers authorised representative (AR) Christopher Norman Harris for 10 years, and has also barred two advisers from other firms for three years.

Mr Harris, also an AR of Millennium3 Financial Services from 2008-2017 when it was owned by ANZ, has requested an Administrative Appeals Tribunal (AAT) review of the decision.

ASIC says some of his advice was not in the best interests of clients, there were failings around statements of advice and fee disclosure statement, and in mid-2018 as sole director of Money Works he engaged in conduct likely to mislead or deceive.

Examples of Mr Harris’ advice were provided as case studies during the Hayne royal commission.

ASIC has also banned Sydney-based Risk Insurance Consultants sole director Alan Davies for three years after finding he did not comply with financial services laws and “was not adequately trained or competent”.

The regulator says Mr Davies failed to properly investigate and document his clients’ financial objectives and personal circumstances when providing life insurance advice.

He also failed to consider whether a switch in products was in their best interests or whether they could have achieved their objectives within their existing products.

The action against Mr Davies followed work ASIC undertook as part of its Life Insurance Lapse Data Project.

Southeast Melbourne-based financial adviser Bimaljeet Sekhon was also banned for three years for failing to provide advice in the best interests of her clients. ASIC also found she was not adequately trained or competent to provide financial services.

Ms Sekhon was an AR of Count Financial from June 2013 to July 2017, when it was owned by Commonwealth Bank of Australia, and was an AR of Politis Investment Strategies from November 2017 to March 2019.

Mr Davies and Ms Sekhon have the right to appeal to the AAT for a review of ASIC’s decision.