A former Westpac financial adviser found to be incompetent by the corporate watchdog has been banned for eight years for offences that include over-insuring his clients.
Queenslander Anthony Bishop has been banned by the Australian Securities and Investments Commission for implementing a "one-size-fits-all" approach to financial planning between July 2010 and April 2014, with some clients paying excessive premiums for cover they did not need.
"Advice needs to be tailored to the client's needs and circumstances, and an advice provider must not lose sight of the needs of their client," ASIC deputy chair Peter Kell said in a statement on Monday.
ASIC said Mr Bishop was not competent to provide financial services and that 29 of his former clients had been paid a total of more than $1.1 million as part of a remediation process.
Westpac's BT Financial Group said it identified and reported concerns about Mr Bishop, who has not worked for the company since 2014.
