The Australian watchdog continues to chase miscreants from the wealth management sector.

Australia's financial regulator has permanently banned a former AMP financial advisor from Queensland, Damian O'Rourke, from providing financial services, the latest in a number of people kicked out of the wealth industry for various offences. (See a related article on the issue here.)

O'Rourke failed to provide appropriate advice, failed to provide clients with statements of advice and borrowed significant sums of money from clients, most of which were not repaid, the Australian Securities and Investments Commission said in a statement.

O'Rourke was employed as a representative of AMP Financial Planning Pty from 1983 until 10 April 2014.

The man failed to provide a statement of advice to 31 clients when he advised them to apply for income protection insurance, life insurance, trauma insurance and/or total and permanent disability insurance (insurance) as a new product, or to replace an existing insurance product. He also did not make reasonable inquiries in relation to a client and failed to provide that client with appropriate advice when he gave advice connected to insurance and superannuation products in September 2012.

O'Rourke also borrowed more than A$2 million from clients, ASIC said. Only about 10 per cent of the total amount lent was repaid.

As part of its Wealth Management Project, the regulator has banned 21 advisors from the financial services industry, in addition to O'Rourke.