ASIC has permanently banned a former Queensland financial adviser after an investigation found he provided inappropriate and unreasonable advice.

On 17 July 2013 Mr Bradley John Lofts, of Brisbane, Queensland, was permanently banned from providing financial services.

Mr Lofts has been a director of McLofts Pty Ltd which traded as Sterling Financial Strategies. Sterling Financial Strategies operated a financial services business from offices in Townsville, Ayr and Brisbane.

Mr Lofts was an authorised representative of Lionsgate Financial Group Pty Ltd between 15 October 2010 and 19 January 2012. Between 13 June 2012 and 22 June 2012 Mr Lofts was an authorised representative of Synchronised Business Services Pty Ltd.

ASIC’s investigation found that between October 2010 and August 2012, Mr Lofts provided inappropriate and unreasonable advice to 50 clients without determining the clients' personal circumstances.

ASIC also found that between 25 January 2012 and 7 June 2012 Mr Lofts, on 33 separate occasions, sold ASX-listed shares on behalf of seven clients when he was not licensed or authorised to do so.

Mr Lofts has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.