Queensland-based adviser Gregory Forster has been handed a five-year ban for providing inappropriate advice and failing to act in clients’ best interests.

The misconduct took place when he was an authorised representative of Breakaway Finance Group from July 2012 to October 2014, and later with ANZ-owned Millennium3 until last December.

The Australian Securities and Investments Commission (ASIC) found Mr Forster recommended new superannuation and life insurance products without reviewing clients’ existing covers.

In many instances his clients could not afford the premiums, and in cases where the premiums were funded through super accounts, the amounts deducted exceeded contributions.

He also understated his advice fees and stated his charges in dollar terms instead of in percentage terms as required.

ASIC has also banned Adelaide adviser Peter Chigwidden for five years over his failure to address clients’ needs and to provide statements of advice and records as required.

And former NAB adviser Max Eung, who was issued a life ban last year, has been charged in a Sydney court on two counts of fraudulent acts.

ASIC alleges he made unauthorised withdrawals of $166,500 from accounts held with MLC and Nulis Nominees. Each offence carries a maximum 10-year jail term.