Under the EU, Mr Hartmann has agreed to cease providing financial services for a period of at least five years. Once the five year exclusion period is completed, he will be required to adhere to supervision requirements upon re-entering the industry.

An ASIC review of client files found that in some instances Mr Hartmann had failed to act in the best interests of clients when he advised clients to “switch insurance arrangements and superannuation funds without being able to demonstrate why this was appropriate”.

He also failed to conduct reasonable investigations into clients' objectives for insurance requirements or insurance products, according to ASIC.

ASIC acknowledged Mr Hartmann's cooperation with ASIC throughout its investigation.