Brisbane-based former financial adviser Nathan Smith has been banned from providing financial services for three years. In a statement issued on Thursday, ASIC confirmed that it found Nathan Smith had failed to provide “appropriate” financial advice and in the best interests of his clients.

ASIC found Mr Smith did not consider his clients’ existing products when making recommendations to switch, did not align recommended investment strategies with client risk profiles, failed to properly disclose costs and significant consequences of switching products in advice documents, did not provide clients with fee disclosure statements within the 60-day statutory time frame and failed to provide compliant renewal notices in relation to ongoing fee arrangements.

Mr Smith’s banning has been recorded on ASIC’s Financial Advisers Register and the Banned and Disqualified Persons Register.

He has the right to appeal to the Administrative Appeals Tribunal for a review of the decision.