The Australian Securities and Investments Commission has banned James Phillip Allen from providing financial advice for three years, after he failed to act in clients’ best interests.

The regulator found that in some cases Mr Allen failed to make reasonable enquiries about personal circumstances before giving advice, failed to consider and properly investigate the subject matter of the advice, and failed to provide appropriate advice.

He was an authorised representative of MyPlanner Australia based in Wollongong, NSW. He is also a director of Future Accountants and Adviser, which was a corporate authorised representative of MyPlanner Australia.

Before that he was an authorised representative of Luiten Shores Financial Planning.

Mr Allen will be subject to the industry’s education requirements if he wants to re-enter the industry after three years.