A South Australian financial advice business will be re-reading the rules on statements of advice after losing its financial services licence last week. Australian Business Insurance Advisers (ABIA) has been barred from offering financial services for two years.

The Australian Securities and Investments Commission (ASIC) also barred its two directors, Terrence and Wendy Franke, for two years and one year respectively. Trainee adviser Craig Franke, Terrence Franke’s son, received a two-year disqualification.

The actions come after ASIC conducted a surveillance visit in November last year. A subsequent investigation found ABIA often gave no statements of advice, or incomplete versions, with its services. ASIC also found the trainee adviser was operating without supervision and falsely signing the name of another (licensed) adviser.