The corporate regulator has imposed a five-year ban on former adviser Adam Bevan for failing to act in the best interests of clients when he was an authorised representative of Gold Coast-based Trade Wind Financial Services between July 2017 and May last year.

He was also the sole director of the business during the period, ASIC said in a statement.

The Australian Securities and Investments Commission (ASIC) says he did not make reasonable enquiries about his clients’ existing superannuation funds and failed to put in place measures to ensure their funds were transferred in accordance with his advice.

ASIC says he is also “not a fit and proper person”, having regard to his connection to a refusal or failure to give effect to a determination by the Australian Financial Complaints Authority (AFCA).

The corporate regulator has cancelled the licence of Trade Wind, effective May 26, because of the firm’s failure to co-operate with AFCA and pay two complaint determinations on time.

ASIC says the firm failed to lodge its 2019 and 2020 audited financial accounts and comply with several licence conditions including failing to notify the regulator of the change in the key person for the licensee.

“[Australian financial services licence] holders must comply with their licence conditions and have adequate resources to provide the financial services covered by their licence,” ASIC said.

“ASIC may suspend or cancel [a licence] if a licensee fails to meet its obligations.”

ASIC says Mr Bevan has applied to the Administrative Appeals Tribunal for a review of the regulator’s decision to ban him.