ASIC has permanently banned a former financial adviser from providing financial services after an investigation found he provided inappropriate and unreasonable advice. Mr Bradley John Lofts had previously been a director of a financial services business and was an authorised representative of Lionsgate Financial Group Pty Ltd. Between October 2010 and August 2012, Mr Lofts provided inappropriate and unreasonable advice to 50 clients without determining the clients' personal circumstances. In 2012, on 33 separate occasions, Mr Lofts sold ASX-listed shares on behalf of seven clients when he was not licensed or authorised to do so.