The Australian Securities and Investments Commission (ASIC) has banned a Macquarie-affiliated life insurance adviser for four years, for lacking the proper qualifications and failing to comply with financial services laws.

Brian Farber was an authorised representative with Macquarie-owned Risk Advice Specialists from December 23 2011 to May this year.

He failed to act in clients’ best interests, engaged in deceptive and misleading conduct, did not provide statements of advice on time and failed to provide information on product replacement.

Risk Advice Specialists has now shut its operations and cancelled its Australian financial services licence.

“Consumers should be confident their financial adviser is acting in their best interest,” ASIC Deputy Chairman Peter Kell said. “The business model of simply ‘selling’ life insurance without complying with the legal and regulatory obligations will not be tolerated by ASIC, and advisers who do so will be removed from the industry.”