The Australian Securities and Investments Commission (ASIC) has permanently banned former Canberra investment adviser Warren John Aitken from acting as a representative of a securities dealer or an investment adviser.

ASIC found that Mr Aitken, from Mawson in the ACT, did not perform the duties of an investment adviser efficiently, honestly or fairly.

From May 1996 to June 2000, Mr Aitken was a representative of licensed securities dealer Futures Financial Group Pty Ltd (FFG), formerly Digman Gisz Pty Limited.

While a representative of this company, Mr Aitken, in association with a company called Laseron Custodians Pty Ltd, purchased units for his clients in a unit trust that had funded a ski lodge development at Perisher Valley in NSW.

Mr Aitken engaged in this conduct without the knowledge or authorisation of Futures Financial Group, and investments in the unit trust were not a recommended product of that company.

ASIC found that Mr Aitken had placed his own interests before those of his clients.

In a separate matter Mr Aitken also obtained and transferred approximately $300,000 from clients' superannuation funds without their authority, while in a position of trust.

While Mr Aitken is not currently a representative of any licensee, ASIC took the banning action to prevent him returning to the industry.

'This banning is part of an ongoing campaign by ASIC to protect the investing public by taking regulatory action against investment advisers who do not perform their duties efficiently, honestly and fairly', ASIC ACT Regional Commissioner, Mr Ron Ladlay said.

'People can visit ASIC's consumer web site at www.fido.asic.gov.au to check if their financial adviser has been licensed - or banned - by ASIC', he said.