The Australian Securities and Investments Commission (ASIC) has taken action against two South Australians who have been accused of irregularities in their dealings with customers.

Kevin Lehman of Semaphore Park, has been banned from acting as a representative of a securities dealer or investment adviser for two years. ASIC says Mr Lehman advised on and dealt with AMP superannuation and insurance products when he wasn’t authorised to do so. It said he acted as an AMP representative when he had nothing to do with the company’s operations.

Mr Lehman failed to disclose certain commissions and fees to his clients and also recommended investments to them without considering their best interests, the regulator said. His son Klinton was banned last year from acting as an adviser.

And Adelaide financial adviser David Mudge, 60, has pleaded guilty to one charge of inducing a person to deal in securities by dishonestly concealing material facts.

ASIC said it investigated Mr Mudge’s conduct when he acted as an authorised representative of Ausfin Management Services. He allegedly asked an elderly client to sign withdrawal forms without informing the client money would be withdrawn from investments, and dishonestly withdrew a total of $197,375 from the client’s account.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.