ASIC has shown once again it will take stern action against financial planners and advisors who mislead their clients.

Australia's financial watchdog has permanently banned a former financial planner from the industry after an investigation revealed he used clients' funds for personal use.

Daniel Logan, 37, was a financial planner with Anne Street Partners Financial Services between October 2012 and October 2015.

The Australian Securities and Investments Commission found that between these dates Logan used funds given to him for his personal use. 

ASIC also discovered that he created phony documents to entice an acquaintance to invest money through him and forged documents to create a guise that disguised how the person's money was actually invested. 

The regulator said Logan only admitted to misconduct after it discovered his wrondoing. 

“ASIC determined that Mr Logan's conduct was not a lapse of judgement, but rather he engaged in deliberate and repeated acts to perpetuate the dishonesty, displaying a lack of integrity and professionalism,” ASIC said in a statement. 

Logan can appeal the ban through Australia's Administrative Appeals Tribunal.