Former BT Financial adviser Michael Mahoney has been banned from providing financial services for four years after allegedly engaging in misleading and deceptive conduct.

The Australian Securities and Investments Commission (ASIC) says Mr Mahoney was employed by BT in the Westpac Scaled Advice Insurance business from October 2013 to July 2014, and gave general advice to retail clients.

ASIC says its investigation found he entered false information regarding clients’ health in telephone applications for policies issued by Westpac Life Insurance Services.

This meant Westpac assumed greater risks without an opportunity to assess them.

Westpac has agreed to honour the affected policies, and Mr Mahoney has the right to appeal to the Administrative Appeals Tribunal.