A Victorian financial adviser has been stripped of his licence after fraudulently obtaining loans for insurance premiums. The Australian Securities and Investments Commission has permanently banned Duncan Howarth from providing financial services.

It says the Melbourne man arranged for his company, Presidential Financial Services (PFS), to obtain premium loans on behalf of his family company JJG investments and seven other clients. None of those entities entered into relevant insurance contracts. PFS received some $86,000 in commissions for arranging the loans.

Mr Howarth has the right to take the case to the Administrative Appeals Tribunal.