A Sydney adviser is the latest financial planner to receive a ban as a result of the Westpoint collapse.

The Australian Securities and Investments Commission (ASIC) has banned Andy Shen-En-Chen from providing financial services for five years. The regulator found Mr Chen misled clients between October 2004 and November 2005 in relation to Westpoint products while working as an authorised representative of Quantum Securities.

ASIC is currently considering another 15 cases involving financial advice given in relation to the Westpoint property investment company, which collapsed in late 2005 owing 4000 investors a total of $300 million.