Former AMP Financial Planning adviser Simon Turudia has been banned from providing financial services for a period of six years.
Turudia was banned after he arranged the unlawful early release of about $1.7 million of superannuation benefits to 35 clients between August 2010 and November 2011, ASIC said in a statement.
According to ASIC, Turudia engaged in misleading and deceptive conduct by manipulating rollover request procedures, allowing his clients early access to their superannuation savings when required.
In January this year, AMP alerted the corporate regulator to Turudia's misconduct by which time AMP had revoked his status as an authorised representative.
"Those who seek to promote and benefit from unlawful early release of superannuation schemes have no place in the financial services industry," ASIC commissioner Peter Kell said in a statement.
Meanwhile, ASIC also banned former Holt Norman director and adviser Peter Holt for three years after he failed to comply with three financial services laws.
Holt, of Balwyn North, Victoria, failed to have a reasonable basis for the advice he gave to retail clients, an ASIC investigation found.
The investigation also found he failed to meet his disclosure obligations to disclose costs and benefits that might be lost in switching a client's superannuation, and failed to ensure the business maintained professional indemnity insurance.
"Those who provide financial advice must comply with all aspects of these laws and if they do not, ASIC will not hesitate in removing them from the industry," Kell said.
Holt was a director and authorised representative of Holt Norman & Co and responsible officer of Holt Norman & Co's Australian financial services licence (AFSL).
On 19 September, ASIC cancelled Holt Norman's AFSL.
Turudia and Holt have the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC's decision.
