Former financial planner Sam Henderson has been charged in a Sydney court for allegedly lying to clients that he holds a Master of Commerce degree.

He did not enter a plea when the five charges filed by the Australian Securities and Investments Commission (ASIC) were mentioned at the Downing Centre Local Court, and the next hearing is set for August 4.

The charges comprise three counts of dishonest conduct and two counts of knowingly giving a defective disclosure document about his tertiary qualifications.

ASIC proceeded with legal action after completing its investigation into financial firm Henderson Maxwell, where he was a director when the alleged offences took place. The investigation began after evidence of misconduct was presented during the Hayne royal commission hearings in 2018.

“ASIC is dedicated to improving standards across the financial services industry,” Deputy Chairman Daniel Crennan said.

“These charges demonstrate that ASIC will investigate allegations of breaches of the law by financial advisers when dealing with their clients, including allegations of giving inaccurate and dishonest information.”

Mr Henderson is currently serving a three-year ban that ASIC imposed last year, after the corporate regulator found he failed to act in his clients’ best interest, did not provide appropriate advice or prioritise his clients’ needs when giving advice. He also failed to properly investigate and assess a client’s existing deferred benefit superannuation products, which led to a loss of several thousand dollars when that client rolled over their deferred benefit.

Before he appeared at the royal commission Mr Henderson was a prominent financial adviser, hosting a show on Sky News and making guest appearances on TV shows. His firm won the Association of Financial Advisers’ financial planning practice of the year award in 2016.