The Australian Securities and Investments Commission has banned two Commonwealth Financial Planning advisers, in a move welcomed by the bank.

Sharnie Kent has been banned for eight years, with Stuart Jamieson banned for five.

Ms Kent was inadequately trained and not competent to provide financial services, the regulator says.

Between February 2011 and February last year, she did not provide a statement of advice to a client, before providing a further financial service while submitting insurance applications and alteration requests with incorrect information.

The regulator felt these moves were likely to mislead and deceive.

Ms Kent also forged the signatures of clients on insurance alteration requests. She charged an excessive adviser fee, saying it would be refunded but failing to take timely steps to do so.

Mr Jamieson did not provide statements of advice for more than 500 meetings, despite warnings from Commonwealth Financial Planning. He resigned from Commonwealth Financial Planning in May 2012 while it was investigating his conduct.

When he applied to become an authorised representative at Securitor, he did not disclose his former employer, which the regulator says was deceptive and misleading conduct.

Commonwealth Bank says it reported both advisers to the commission and police.

The bank “remains committed to doing the right thing for our customers and continues to co-operate with [the regulator] to provide information on adviser misconduct”.