The Australian Securities and Investments Commission (ASIC) has banned a former Synchron adviser for poor life insurance advice.

Michael Melamed had been a Synchron adviser for two years until March last year, the period when ASIC reviewed the quality of advice he had provided.

The regulator found he had failed to maintain accurate client records; hadn’t made reasonable enquiries into his clients’ relevant objectives; did not conduct a needs analysis in the clients’ best interests; and recommended cover where clients were unable to afford insurance premiums.

Mr Melamed has signed an enforceable undertaking not to provide advice for three years, and if he does want to return to the industry he will have to undertake further education.