A WA adviser has been banned from the industry for four years over his failure to comply with financial services laws.

The Australian Securities and Investments Commission (ASIC) issued the ban on Anthony Hilsley after its surveillance work found several lapses in his advice files. He was an authorised representative (AR) of RI Advice Group and most recently AR of Fiducian Financial Services.

ASIC says he failed to provide advice that was in the best interests of his clients, he did not identify or make sufficient enquiries into his clients’ personal circumstance, and he failed to consider his clients’ objectives and needs.

In one case, Mr Hilsley recommended replacing a client’s superannuation and insurance products without taking into account his pre-existing medical condition.

“As a result, a loading was added to the premium, which could have been avoided if Mr Hilsley had considered the suitability of the client’s existing products to meet their ongoing insurance needs,” ASIC says.

“Financial advisers have a legal obligation to act in the best interests of their clients when providing personal advice. This includes taking reasonable steps to understand their clients’ personal circumstances and exploring existing financial products to ensure they are providing appropriate advice that meets their clients’ objectives.”

Mr Hilsley has the right to appeal the ban through the Administrative Appeals Tribunal.