ASIC will investigate the industry’s progress as it moves to end grandfathered remuneration arrangements for financial advisers by the 2021 deadline.

ASIC has banned former high profile Sydney financial adviser Sam Henderson for three years after he failed to act in the best interest of clients and provide them with appropriate advice.

A former Adelaide-based adviser has been sentenced to 10 years’ imprisonment having stolen nearly $5 million of his clients’ money.