ASIC bans Melbourne insurance broker

The Australian Securities and Investments Commission has fined the general manager of Melbourne and Mackay-based Phil Doring Insurance Brokers for dishonest conduct, after he failed to reobtain an Australian financial services licence (AFSL) following his father’s death.

Prior to the April 2016 liquidation of PDIB, insurance broker, Anthony Doring had been found by ASIC to have deliberately misappropriated money from a company trust account to continue PDIB’s trading capability.

In addition, Doring was found to have cancelled client insurance policies without authorisation and to have failed in his obligation to lodge an annual auditors report with financial statements with ASIC.

Related News:

“ASIC will act to remove those who behave without regard to their obligations to their clients from the financial services industry,” deputy chairman, Peter Kell said.

“The investing public needs to be able to trust those who provide financial services.”

Doring was declared bankrupt on 19 July 2016.




Related Content

ASIC bans BBY adviser for 10 years

Perth-based financial adviser Sergio Belardo has been banned from the industry for 10 years, after the Australian Securities and Investments Commissio...more

AFA recommends seven-year wrong-doer’s register

The names of people in the financial services industry sanctioned by the Australian Securities and Investments Commission (ASIC) should sit on a regis...more

ASIC accepts five-year enforceable undertaking for QLD adviser

Former Hart Ensole Pty Ltd representative Dean Hartmann has agreed to cease providing financial services for a period of five years after failing to a...more

Author

Comments

Add new comment