The Australian Securities and Investments Commission has permanently banned Mr Craig Mansfield Williams, a 54-year-old Cronulla man, from acting as a representative of a dealer or an investment adviser.

Mr Williams was banned for life after misappropriating approximately $120,000 of clients' monies.

Mr Williams held a proper authority from ABN AMRO Morgans Limited from 20 August 1990 to 5 December 2001 and had been the manager of its Hurstville Branch office.

Late last year ABN AMRO Morgans learned of Mr Williams' misappropriation and referred the matter to ASIC. ABN AMRO Morgans also compensated all affected clients.

'ASIC will take action to protect the public from advisers who do not perform their duties efficiently, honestly and fairly', said Sharman Grant, ASIC's Acting Director of Financial Services Regulation.

'Investors can check to see if their financial adviser has been licensed or banned by ASIC by visiting our consumer website at http://fido.asic.gov.au', she said.