A Sydney financial adviser has pleaded guilty to falsifying more than 60 insurance applications so she could collect commissions.

Susan Heathwood of Randwick was an authorised representative of GuardianFP and an employee of Jalee Consulting Group Pty Ltd, also a GuardianFP representative, providing financial advice and arranging life insurance.

Ms Heathwood received more than $380,000 in commissions after falsifying 65 insurance applications between August 2009 and May 2011.

The Australian Securities and Investments Commission (ASIC) says insurers retrieved $326,207.59.

Ms Heathwood pleaded guilty to two counts of dishonest conduct when she faced Downing Centre Local Court last week and has been committed to the District Court for sentencing.

The matter was adjourned to July 6 and Ms Heathwood was granted conditional bail.

ASIC says the first offence carries a maximum penalty of five years’ jail or a $22,000 fine, or both. The second offence carries 10 years’ jail or a $450,000 fine, or both.

In February, ASIC permanently banned Ms Heathwood from providing financial services. It said then that an investigation found information was falsified that related to personal information on people who had never asked for insurance.