Former Garrisons financial planner Phillip John Maguire has been banned from acting as a financial adviser due to bankruptcy.

The Brisbane-based financial adviser was banned by the Australian Securities and Investment Commission (ASIC) from acting for any securities licensee for the period that he remains bankrupt.

However, ASIC has left the door open for the embattled adviser to apply for a revocation of the banning order once he has been discharged from bankruptcy.

Maguire had previously represented Garrisons, but the company stripped his authority to act on behalf of it in March last year.