said Zelka, formerly a representative of Neo Financial Solutions, provided unsuitable advice relating to the replacement of personal insurance and failed to comply with financial services laws.

“ASIC is focused on weeding out advisors who fail to meet industry and community expectations. We want to ensure that consumers seeking life insurance can be confident that their advisor will provide appropriate advice,” said ASIC's deputy chairman, Peter Kell.

The ban comes as part of the regulator's ongoing investigations, enforcement and regulatory action following its review of life insurance advice in October 2014. In July, ASIC handed a four-year ban to life insurance financial advisor Brian Farber.