Panayiotides has the right to appeal to the Administrative Appeals Tribunal for a review of the decision.

Australia's financial regulator has permanently banned a former Morgan Stanley Wealth Management advisor from providing financial services.

An investigation conducted by the Australian Securities and Investments Commission found that Andrew Panayiotides failed to act in the best interests of his clients because, among other wrongdoings, he gave them unsuitable advice relating to exchange-traded options.

Panayiotides knew, or ought to have known, that there was a conflict of interests due to the financial benefit he received in the form of brokerage fees from the ETO transactions he advised his clients to enter into, ASIC said in a statement. 

The financial watchdog also discovered that he improperly made payments into his clients' bank accounts using his own funds; issued a false invoice; gave “unethical” advice to a client regarding a superannuation fund withdrawal; and entered into a personal loan arrangement with a client.

“In considering Mr Panayiotides' conduct, which was not of an isolated nature, was not inadvertent and occurred over a long period of time in which clients incurred significant losses, ASIC had reason to believe that Mr Panayiotides was likely to contravene a financial services law in the future and was not of good fame or character,” ASIC said.

ASIC commissioner Cathie Armour commented: “Financial advisors are expected to act in the best interests of clients. ASIC will ensure appropriate enforcement action is taken against advisors who fail in this duty.”