Between 2007 and 2015, Mr Cowper worked as a financial adviser at National Australia Bank, AON and Tynan Mackenzie while based in Sydney. He then transferred to Ipac Securities Limited, a wholly-owned subsidiary of AMP Limited, ASIC said in a public statement.

Mr Cowper was banned from providing financial services after ASIC’s Financial Services and Credit Panel found Mr Cowper had a fundamental lack of understanding of the duties and obligations imposed by the Corporations Act 2001 on providers of financial services.

It also found he gave advice to a number of clients over the period 2007 to 2013 that did not appear to be appropriate.

“In particular, the Panel found Mr Cowper recommended gearing strategies when the client could not afford it, and recommended clients switch to a new superannuation fund but did not give sufficient detail in the Statement of Advice (SOA) to enable the client to decide whether or not to proceed with the advice,” ASIC stated.

“[Mr Cowper also] recommended clients switch to a new superannuation fund without warning them in the SOA that the new fund was expensive compared to their old fund, or that it included insurance that did not cover the client’s pre-existing health condition which was covered in the current fund.”

Mr Cowper has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.