The Australian Securities and Investments Commission (ASIC) has banned Perth adviser Desmond Winton Luplau from providing financial services for five years.

Mr Luplau was an authorised representative of AMP-owned dealer group Charter Financial Planning from December 2013 to July 2016.

ASIC found he failed to keep adequate records and failed to act in clients’ best interests, and his advice was well below community expectations.

Mr Luplau did not consider his clients’ personal and financial circumstances, and sometimes failed to obtain those details.

He also failed to clearly explain his advice, consider whether financial products met clients’ objectives or compare clients’ current products with those he recommended.

Mr Luplau can appeal to the Administrative Appeals Tribunal.