The Administrative Appeals Tribunal has upheld the permanent ban on a former AMP adviser.

Rommel Panganiban was banned from providing financial services after Australian Securities and Investments Commission surveillance found he failed to act in clients’ best interests.

Between February 2011 and July 2014 he advised 49 clients with life insurance in AMP superannuation funds to cease their policies and replace them.

Mr Panganiban did this without considering their best interests and without advising them he could simply transfer the insurance policies.

By ceasing and replacing the policies, the full rate of commission became payable to AMP Financial Planning, raising Mr Panganiban’s remuneration.