The Australian Securities and Investments Commission (ASIC) has banned a Melbourne financial adviser for not having professional indemnity insurance.

Peter Holt, a director and authorised representative of Holt Norman & Co, also failed to have a reasonable basis for the advice he gave retail clients. He has been banned for three years.

The regulator has also cancelled Holt Norman’s Australian financial services licence.

ASIC Commissioner Peter Kell says advisers must comply with all financial services laws. “If they do not, ASIC will not hesitate in removing them from the industry.