Mr Houghton was found to have created false documents by "cutting and pasting" client signatures onto letters nominating himself as the clients' adviser, had submitted insurance application forms on behalf of clients with incorrect information, didn't make reasonable inquiries into clients' objectives or financial situation, and failed to conduct reasonable investigation into financial products that might help clients achieve those objectives.
ASIC's surveillance looked at client files from Mr Houghton's time as an authorised representative of Financial Wisdom and cross-endorsed as an authorised representative of Commonwealth Financial Planning (July 2013 – January 2015), and his time with Dover Financial Advisers (January 2015 – October 2016).
"Consumers should be confident that their financial adviser is honest and acting in their best interests," said ASIC deputy chair Peter Kell.
"ASIC will continue to take action and remove advisers who engage in serious misconduct and breach community trust."
[Related: CBA sells CommInsure to AIA]