A Sydney financial adviser has been banned permanently after an ASIC investigation found he submitted falsified documents to earn commissions by using names of non-existent people and of others including friends.

Mr Pavan Vyas, of West Pennant Hills, was an authorised representative of financial advisory companies Lionsgate Financial Group Pty Ltd and HNW Planning Pty Ltd and in that capacity arranged insurance cover for clients.

An ASIC investigation found that during Mr Vyas’s time with Lionsgate and HNW he submitted 12 applications for life insurance policies in the names of people that did not exist. Mr Vyas also submitted three further applications in the names of friends without their knowledge.

This practice is known as ‘tombstoning’ and involves insurance brokers submitting applications in the names of dead or fictitious people.

Along with the false applications Mr Vyas completed other bogus documents to hide the conduct. This included variations to the insurance applications and falsified emails from the fictitious clients.

‘ASIC is about ensuring gatekeepers like financial advisers do the right thing and are held to account. When they fall short, ASIC will take direct enforcement action,’ ASIC deputy chairman Peter Kell said.

Since 1 January 2013, ASIC has banned 11 people from the financial services industry. Of these, six have been permanent bannings and four have been bannings of people who previously provided insurance services.

Mr Vyas has the right to appeal to the Administrative Appeals Tribunal.

ASIC’s investigation into Mr Vyas is continuing.