ASIC has banned Gold Coast financial adviser Andrew Gordon Wright for five years for not complying with financial services laws, and says it expects he will not comply with these laws in future.

The regulator found Mr Wright engaged in misleading and deceptive conduct between 2003 and 2008 during his employment at Professional Investment Services.

The charges also related to his employment at My Blueprint Limited between 2005 and 2008.

The investigation revealed Mr Wright provided inappropriate advice to 20 clients including advice on Westpoint products and related company Ann Street Mezzanine.

Mr Wright also failed to provide clients with a statement of advice, and on two occasions information regarding the consequences of recommendations to replace one product with another.

The regulator has so far banned 18 licensed advisers and three unlicensed advisers over issues related to Westpoint.