The Financial Services and Credit Panel has suspended adviser Ian Reid’s registration for three months over breaches of his obligations.

He cannot give personal advice to retail clients during the period, which started on November 21.

“The FSCP found Mr Reid had not complied with his obligations when providing advice to three clients,” the Australian Securities and Investments Commission says. “Mr Reid used records of advice that relied on statements of advice that had been given to the clients up to seven years ago.”

ASIC referred Mr Reid’s conduct to the panel after investigating why some superannuation members continued with persistently underperforming investment options.

The panel operates separately from, but alongside, ASIC’s administrative decision-making processes, with the aim of responding to lower-level misconduct.