Ban for jailed Tassie financial planner

A "greedy" Tasmanian financial planner jailed for embezzling $2.3 million from one of his clients has been permanently banned from providing financial services in Australia.

The ban was imposed on Patrick Simon Mitchell, 42, after he was convicted of defrauding a client of $2,354,497 which he used to fund an extravagant lifestyle, the Australian Securities and Investments Commission says.

"ASIC will act to remove people from the financial services industry who act dishonestly and breach the trust of their clients," ASIC deputy chairman Peter Kell said in a statement on Thursday.

Tasmanian Supreme Court justice Michael Brett in March sentenced Mitchell to at least five years in prison for his crime of "greed".

He stole the career nest egg and an inheritance from a Hobart woman who worked for more than four decades as a nurse.

Mitchell pleaded guilty to transferring sums of money from the woman to his own account, with the 24 transactions stretching from September 2011 to August 2015.

Mitchell then splashed the money on overseas travel, an Italian sports car, a lavish home, and living an extravagant lifestyle, the court was told.

ASIC has the power to permanently ban people from providing financial services without a hearing if they are convicted of serious fraud.