The Australian Securities and Investments Commission (ASIC) has permanently banned Wealthsure MD Darren Pawski from managing any financial services licensee.

It follows an investigation into “multiple compliance failures” and his role in them.

The dealer group has agreed to restructure its board and remove Mr Pawski.

ASIC has expressed concern at Wealthsure’s “light-touch” approach to compliance and its “failure to regularly or consistently review its representatives’ financial product advice”.

The regulator also notes failures to investigate and sanction non-compliant advisers and to give authorised representatives “robust, documented policies and procedures”.

As part of an enforceable undertaking, Wealthsure, must “complete a program to address its failure to foster and maintain a proper commitment to its compliance obligations”.

The program will be reviewed by an independent expert, who will report to ASIC until 2018.