The watchdog has so far banned 63 advisors and three directors from the financial sector.

Australia’s main financial watchdog has banned two female financial advisors, continuing a run of punishments meted out on wealth management figures in recent months.

The Australian Securities and Investments Commission has banned financial advisor Wendy Chapman from providing financial services for five years, according to a statement on Friday. On the same day, ASIC said that it had banned Brisbane-based financial planner, Nina Katherina Williams, from providing financial services for a period of one year for failing to disclose criminal charges.

In the Chapman case, the regulator said it acted after its surveillance of Chapman’s advice while an authorised representative of National Australia Bank Limited and Key Financial Planners Pty Ltd.

Chapman failed to gather relevant client information when providing personal financial product advice, including assessments of products that might achieve clients’ objectives and needs. She also failed to assess affordability and explore the consequences of replacing existing products.

ASIC also found that Chapman back dated advice documents to give the impression to her licensees that she had complied with her obligations under the law.

The regulator said that its ban is part of “ongoing efforts to improve standards across the financial services industry”. As part of its wealth management remit, ASIC has banned 63 advisors and three directors from the financial services industry. Four bannings are the subject of appeal.

Chapman has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

In the second case, ASIC said that it banned Williams for a year after finding that, when applying to be an authorised representative of Infocus Securities Australia Pty Ltd (Infocus), Williams did not disclose that she had been charged with fraud and stealing under the Queensland Criminal Code.

During the application process, Williams was required to disclose whether she was aware of any current court action against her or had ever been the subject of any enquiry in relation to her professional conduct or character. Williams answered “No” to these questions in both licensee and professional indemnity insurance application forms.

ASIC found that Ms Williams acted with a lack of care and professionalism in relation to these disclosures. Williams also has the right to appeal the decision, ASIC added.