New South Wales financial adviser Evan Byrnes has had his registration cancelled for ethics breaches, the Australian Securities and Investments Commission says.

The Financial Services and Credit Panel “reasonably believed” Mr Byrnes breached the Corporations Act 2001 by “failing to comply with the code of ethics’ values of trustworthiness, competence, honesty and diligence”, the regulator notes.

“The [panel] found that, over a number of years, Mr Byrnes failed to maintain adequate records of client annual reviews, charged ongoing financial advice fees and did not provide some clients with the services for which those fees were charged.”

The panel found Mr Byrnes was unresponsive to requests from his licensee during audits and investigations into his client annual review arrangements.

“The [panel] considered Mr Byrnes’ record-keeping failures and lack of co-operation with his licensee to be serious, protracted and inconsistent with the standards expected of a relevant provider,” ASIC said.

Mr Byrnes has been prohibited from being registered for two and a half years.

The FSCP makes administrative decisions on matters referred by ASIC.