Perth financial adviser Lawrence O’Neill has been banned from the industry for five years, following an investigation by the Australian Securities and Investments Commission (ASIC).

The surveillance relates to the period in which Mr O’Neill was an Authorised Representative of Godfrey Pembroke and Wealthsure Financial Services. ASIC found that he failed to comply with financial services laws and wasn’t adequately trained.

It found that Mr O’Neill didn’t properly consider his client’s circumstances or objectives, and in some cases didn’t consider products his clients currently used. He also failed to explain why ongoing advice was needed.

He also didn’t disclose his relevant relationships with product issuers or explain the benefits he stood to gain if the client followed his recommendations.

“ASIC expects financial advisers providing personal advice to prioritise their clients’ interests over their own and to be transparent about potential conflicts of interest so clients can make better informed decisions,” the regulator warned.

Mr O’Neill can appeal the decision to the Administrative Appeals Tribunal.