The Australian financial watchdog has struck again, this time barring a former NAB advisor.

The Australian Securities and Investments Comission has banned a former National Australia Bank advisor for five years for contravening financial services laws.

Between June and July 2013, Gerard McCormack helped his client transfer funds from a third party superannuation account to the client's, ASIC said in a statement.

The ASIC investigation found that McCormack and his client both lied about their identities, falsely representing that they were the same member of the superannuation fund in order to obtain information relating to that member's superannuation account.

McCormack is the 14th in a line of advisors banned since the launch of ASIC's Wealth Management Project in October 2014. The project was established with the objective of lifting compliance standards with a focus on the conduct of the largest financial advice firms (NAB, Westpac, CBA, ANZ, AMP and Macquarie).

ASIC has sought to take a strategic approach by using existing regulatory tools as well as discussing issues publicly and calling for reform. "The Future of Financial Advice (FOFA) reforms (most of which came into effect on 1 July 2013) are designed to address some of these problems, and to improve the quality of financial advice,” the organisation recently told this publication.