A former Meritum Financial Group adviser has lost his appeal to the Administrative Appeals Tribunal (AAT) to stop the Australian Securities and Investments Commission (ASIC) from banning him.

Alfie Chong was banned by ASIC for five years after an investigation into the quality of his advice.

The investigation found Mr Chong provided inappropriate advice, failed to determine clients’ relevant personal circumstances, engaged in misleading or deceptive conduct and provided personal advice without giving clients a statement of advice.

Last September Mr Chong applied to the AAT for a review and a stay of ASIC’s decision.

But the AAT has found the five-year ban is appropriate in the circumstances, and Mr Chong’s conduct “involved repeated and systemic compliance failures”.

He “repeatedly tried to shift the blame for his own failure to comply with the Corporations Law” to his licensee Meritum, the AAT says in its decision.

It says the banning order will have the effect of maintaining investor confidence in the financial services industry.

“There is a strong protective effect for the public, and reinforcement of the integrity and reputation of the financial services industry,” the decision says.