Found Financial Services principals Matthew Wallis and Rochelle Manoharan have been permanently banned from providing financial services after making false life cover applications.

The Australian Securities and Investments Commission found the pair – authorised representatives of RI Advice Group – submitted applications to Zurich Australia between June and December 2015 that were not requested by clients and contained false information. The pair made the false applications to maximise upfront commission.

Found Financial Services paid the monthly premiums for a short time to give the appearance the policies were genuine, the regulator says.

In each case the policies lapsed because of non-payment.