A Perth-based financial services provider has been banned from the industry for eight years by the corporate watchdog due to his involvement with collapsed fuel additive firm Firepower.

The Australian Securities and Investments Commission (ASIC) has banned Quentin Ward, of Nedlands, from providing financial services until 2017, ASIC said in a statement on Wednesday.

The ban follows ongoing civil proceedings brought by ASIC against Mr Ward and a company that he was the sole director of, Axis International Management Pty Ltd.

The action against Mr Ward relates to his dealings in the sale of shares in Cayman Islands-registered Firepower Holdings Ltd and Firepower Holdings Group Ltd.

The latter, a British Virgin Islands-registered company was wound up in Perth’s Federal Court late last year after more than 1,000 Australian shareholders sank millions of dollars in the failed venture.

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

Firepower claimed it had developed a pill for petrol tanks that could reduce fuel consumption by as much as 20 per cent.

It is understood that discredited Firepower boss Tim Johnston, who has moved from Australia to London, has not attended creditors’ meetings conducted by Firepower liquidator Bryan Hughes of Perth’s Pitcher Partners.

AAP