The Australian Securities and Investments Commission (ASIC) has banned former Melbourne adviser Barry “Bud” Walder from providing financial services as a representative of an AFS licensee for five years.

It alleges Mr Walder breached the law by conducting a financial services business without being licensed or acting as an authorised representative. And ASIC also says he falsely let his customers believe he was an authorised representative.

The former Money Matters Financial Solutions adviser allegedly ceased working for the company in November 2002 but continued to provide advice to nine clients without being authorised to do so. ASIC alleges Mr Walder even provided his clients with false documentation.