The Australian Securities and Investments Commission (ASIC) has had a busy week, banning a general insurance broker and suspending the financial services licence of an adviser practice.

Former Insurance Advisernet Australia broker Alan Charstone, of Croydon in Victoria, has been permanently banned from providing financial services.

ASIC found Mr Charstone engaged in dishonest and deceptive conduct between August 2009 and July 2010 selling business and personal insurance.

The regulator says he failed to place adequate insurance cover for clients and that he misappropriated client funds.

According to an initial report by Insurance Advisernet, 54 clients were involved and it cost the company $58,803 to reinstate or place insurance cover.

So far $9000 has been recovered from Mr Charstone, who has agreed to repay the company an additional $12,489.

ASIC made the ban permanent as it believed he would not comply with financial services laws in future.

The regulator has also suspended the licence of Sydney-based Australian Performance Financial Planning for three months until July 1.

The company provided advice on self-managed super funds, including life and income protection policies.

The company went into receivership on February 24 and ASIC will review the suspension before the end of the period to determine if it should continue.