A former AMP financial adviser from Brisbane has been permanently banned for failing to comply with key requirements of the Corporations Act.

An Australian Securities and Investments Commission (ASIC) investigation found Damian O’Rourke did not provide appropriate advice and statements of advice.

He also borrowed more than $2 million from clients and failed to repay most of it.

“Financial advisers must act in the best interests of their clients,” ASIC Deputy Chairman Peter Kell said.

“ASIC will take action against financial advisers who do not comply with their obligations.”

Mr O’Rourke was a representative of AMP Financial Planning from 1983 to April 10 2014.

The investigation is part of ASIC’s Wealth Management Project, set up in 2014 to improve standards at major financial advice providers.