The Australian Securities and Investments Commission permanentlybanned a former National AustraliaBank Ltd. senior financial planner after the regulator found he wasengaged in misleading and deceptive conduct.

The ASIC said April 26 that it banned Hardik Bhimani from providingfinancial services after an investigation found that he misappropriated advice feesowed to his employer, charged his clients excessive fees and failed to provide aclient with statements of advice.

Bhimani was a senior financial planner with NAB between April1, 2011, and Nov. 4, 2013. The ASIC found that between Dec. 5, 2012, and Aug. 7,2013, Bhimani made arrangements for clients to deposit advice fees into his personalNAB bank account, charged clients with excessive fees, failed to provide a clientwith statements of advice and engage in repeated breaches of standards.

NAB has fully refunded the advice fees to the affected clients.