A Sydney-based SMSF adviser has pleaded guilty to offences related to the misappropriation of $2.9 million of client funds.

A banned SMSF adviser has failed to have the terms of his ban eased, with the AAT stating such a move would not act as a deterrent nor promote confidence in financial advice.

A former Queensland property developer has been found guilty of six counts of fraud involving amounts obtained from SMSF investors totalling $345,000.

ASIC has taken court action to prevent the provision of unlicensed SMSF advice, which it alleges has led to the loss of investor funds.

The two most senior leaders at ASIC have vacated their positions after they were found to have received remuneration in excess of allowable limits.