The Australian Securities and Investments Commission has banned Philip Leake from providing financial services for five years, after he failed to act in life insurance clients’ best interests.

It says Mr Leake did not consider his clients’ circumstances, the coverage they needed or their ability to pay for the insurance he recommended. Statements of advice claimed to have considered client circumstances for income protection policy waiting periods, when that was not the case.

Surveillance of Mr Leake, based in Perth, involved examining client files from Wealthsure Financial Services, where he was an authorised representative from March 2015 until last month.

The investigation arose from the regulator’s Life Insurance Lapse Data Project, which identifies high-risk advisers for further scrutiny.