The Australian Securities and Investments Commission (ASIC) has banned Melbourne financial adviser Lance Pitt from providing financial services for two years.

It says Mr Pitt – who had been previously convicted of seven offences relating to theft and obtaining property by deception – was banned because ASIC was concerned he “posed a risk to the public and would not act with honesty and integrity”.

Mr Pitt had been convicted of serious fraud in the past and was “unlikely to comply with financial services laws in the future”.

ASIC says it was not given a “frank and honest” account of the offences when Mr Pitt lodged an application to be appointed as an authorised representative. Nor was the company he intended to work for advised of his prior convictions.