WA financial adviser banned for four years

A Perth financial adviser has been banned from providing services for four years after he allegedly broke the law.

Lawrence O'Neill worked for Godfrey Pembroke, owned by the National Australia Bank, and Wealthsure Financial Services but was not adequately trained, the Australian Securities and Investment Commission said on Thursday.

A review of Mr O'Neill's advice files allegedly revealed he did not properly consider his clients' circumstances or objectives, and in some cases did not consider their existing products when providing advice.

He also allegedly failed to explain why ongoing advice was required for some clients, did not disclose his associations with product issuers, or explain the benefits he and his licensee stood to gain if the clients accepted his recommendations.

Mr O'Neill can appeal ASIC's decision with the Administrative Appeals Tribunal.