A former AMP adviser has applied for a review of his permanent ban, imposed by the Australian Securities and Investments Commission (ASIC).

Rommel Panganiban was removed from the financial services industry for churning life insurance policies.

He challenged the ban in the Federal Court earlier this year, claiming the regulator denied him procedural fairness. This case was dismissed and costs awarded to ASIC.

This month Mr Panganiban turned to the Administrative Appeals Tribunal for a stay on the banning order. This was also dismissed, and he has now applied to the tribunal for a review of ASIC’s decision. No date has been set for that hearing.

Mr Panganiban was an authorised representative of AMP Financial Planning from March 2010 to September 2014.

Between February 2011 and July 2014 he advised 49 clients on life insurance in their AMP superannuation funds.

He told them to cancel their AMP policies and replace them with new AMP covers.

ASIC says he did this without considering whether it was in their best interests.

Mr Panganiban earned full upfront commissions on selling new policies, rather than transferring clients to new cover.

ASIC says his advice was driven by the commissions. The clients suffered a loss of cover and conditions.

After leaving AMP Mr Panganiban became a representative of Lionsgate Financial Group from September 2014 to August 3 this year.