The Australian Securities and Investments Commission discovered that a representative of Roan Financial Group engaged in "misleading and deceptive conduct".

Australia's financial regulator has banned a former financial advisor from the financial services industry for five years after an investigation it conducted found he failed to comply with sector laws.

Darren Tindall was an authorised representative of New South Wales-based Roan Financial Group between May 2013 and May 2014.

A probe by the Australian Securities and Investments Commission found that Tindall “engaged in misleading and deceptive conduct” by failing to disclose a client's pre-existing medical conditions on an insurance application. 

He also “recklessly” made misleading comparisons about superannuation products to four clients, which resulted in them switching their superannuation. 

“ASIC will take action against financial advisors who have been dishonest or who mislead their clients, in order to increase public confidence in the financial services industry,” said Peter Kell, ASIC's deputy chair. 

Tindall has appealed to a tribunal court seeking a review of the regulator's decision.