NSW-based financial adviser David O’Brien has been banned for four years over his alleged failure to act in his clients’ best interests.

The Australian Securities and Investments Commission (ASCI) imposed the ban after its review of his advice files revealed “lapses” in the way he handled clients’ financial needs.

The regulator says in a statement that Mr O’Brien failed to make sufficient inquiries into his clients’ circumstances and did not conduct reasonable investigations into their existing financial holdings.

It also accuses him of not providing advice based on his clients’ personal circumstances, failing to prepare a needs analysis and failing to assess the appropriate level of cover when providing insurance advice.

Mr O’Brien was an authorised representative of AMP-owned Charter Financial Planning and most recently, NAB-owned GWM Adviser Services.

He has the right to appeal the ASIC ban through the Administrative Appeals Tribunal.