The Australian Securities and Investments Commission (ASIC) has banned a Queensland-based financial adviser for seven years for inappropriate insurance advice.

ASIC found Ian Victor Haisman was in some circumstances recommending very high levels of insurance cover compared to his clients’ income, and recommending life insurance policies to clients with no dependents and no reasonable basis for the policies.

ASIC’s investigation looked at advice provided to clients from early 2016 to early 2018 when Mr Haisman was an authorised representative of Bristol Street Financial Services in Beenleigh.

The regulator says Mr Haisman didn’t investigate his clients’ existing super and insurance arrangements or provide cost and risk comparisons when investigating product switching, and was using templated strategies and giving recommendations regardless of his clients’ personal circumstances.

He also failed to provide clear, concise, effective statements of advice to clients.

Mr Haisman can appeal the decision to the Administrative Appeals Tribunal.