ASIC found that Ms Holgate engaged in conduct that was likely to mislead – cutting clients’ signatures from documents held on file and pasting them onto new documents.

It also found that she did not act in the best interests of her clients when advising they rollover their existing super to a new product issued by Colonial First State, a related entity of the Commonwealth Bank of Australia.

She also failed to act in the best interests of her clients when advising them to cancel existing insurance policies and apply for personal insurance issued by CommInsure, and when telling them to acquire financial products which entitled her, her employer and its related entities to a financial benefit, said the corporate regulator.

“The super advice provided by Ms Holgate did not result in any improvement to the clients’ current financial position,” said ASIC.

Ms Holgate has to the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.