ASIC has permanently banned former accountant, Arden Rodrick Wittensleger, 44, of Menora from providing financial services and engaging in credit activity.
ASIC took action after Wittensleger was found guilty of submitting fraudulent loan applications to obtain a benefit of around $6.5 million following an investigation by WA Police.
Wittensleger was convicted in August last year on 86 counts of gaining a benefit by fraud following the police investigation.
In October, he was sentenced to eight years imprisonment.
ASIC found Wittensleger's conduct extremely serious, showing a persistent pattern of deception to gain a financial advantage.
Commissioner Greg Tanzer said the functions and duties of a person providing financial services and engaging in credit activity required high standards of honesty and integrity.
"Those who engage in serious, repeated fraud have no place in the financial services industry," he said.
Mr Wittensleger has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.