The Australian Securities and Investments Commission (ASIC) has handed a lifetime ban on convicted NSW fraudster John Anthony Ovens ever having an Australian financial services licence (AFSL).

Last May Mr Ovens pleaded guilty to 47 counts of fraud and is currently serving a minimum seven-month jail term.

He was found guilty of offering insurance premiums for homes, contents, commercial buildings and public liability from early 2008 to mid-2010 to individuals and licensed premises in country NSW and Victoria.

Mr Ovens owned the financial services business Southern Cross Associates and was operating without an AFSL.

According to ASIC he issued tax invoices to clients outlining the total cost of insurance premiums and listed the insurer who had underwritten the policy.

Most clients considered the tax invoices were confirmation of the policy, but Mr Ovens failed to pass on the money to insurance companies, instead transferring payments to his personal bank account.