The Australian Securities and Investments Commission has accepted enforceable undertakings from three former advisors at Storm Financial, with one advisor banned for two years and the other two for six months.

Carey Fraser of North Ward, Queensland is prohibited from practicing for two years and is required to inform the ASIC should she seek employment within the industry in the two years that follow her suspension period. Trever Alan Benson of Aspley and David Robert McCulloch of Mount Louisa are expected to complete specified professional education for six months and submit to supervision, review and audit of their financial services by an independent ASIC-approved senior financial planner for two years.

The three advisors face suspension for recommending Storm's method of investment without first considering if any other strategy would better serve their clients' needs, the ASIC said in a statement. The regulator also said it was concerned that the advice was linked with a gearing strategy particularly as the advisors failed to inform their clients that the recommendations were not necessarily the best appropriate actions.

The EUs from the three Storm Financial staff shortly follow that of Commonwealth Financial Planning, which suspended financial planner Simon Langton for two years.