The Administrative Appeals Tribunal has upheld a ban on former Brisbane adviser Denise Simmons over her endorsement of Westpoint investments.

An Australian Securities and Investments Commission (ASIC) investigation earlier found shortcomings in the recommendations Ms Simmons made to clients of Online Super and Wealth Gem who invested money from self-managed superannuation funds into Westpoint products.

The dismissal of her appeal leaves Ms Simmons banned from providing financial services for three years.

ASIC said Ms Simmons made misleading and deceptive statements to clients about the level of associated risk and measures intended to protect their investments.

It found she failed to properly consider her clients’ circumstances given the relative size and risk of the investments and failed to adequately disclose the commission she received.

ASIC has placed bans on 24 licensed advisers involved in Westpoint products, in addition to four unlicensed advisers and one corporate entity.