ASIC issues 4-year ban to former NAB adviser

In a statement, the regulator said its investigation of Mr Cowper found he “had a fundamental lack of understanding” of his obligations under the Corporations Act and gave inappropriate advice to clients between 2009 and 2013.

The ban represents the first administrative banning decision made by ASIC’s new Financial Services and Credit Panel, which found Mr Cowper had recommended gearing strategies to clients who could not afford them, did not provide sufficient detail in his SOAs when recommending clients switch super funds, and switching clients into more expensive super funds without noting the increased cost in his SOAs.

Last year, NAB chief executive Andrew Thorburn was grilled by the House of Representatives standing committee on economics over their handling of Mr Cowper’s case, with Labor MP Matt Thistlethwaite asking why he had not been terminated and was given a pay-out upon his resignation.

Mr Cowper also brought legal proceedings against Fairfax Media and the ABC for defamation after the publication of his name in relation to a leaked NAB report that identified advisers who were involved in misconduct but still giving advice, however the court ruled in favour of the defendants.