Insurance broker permanently banned
A Perth-based insurance broker has been permanently banned for engaging in misleading and deceptive conduct.
From May 2011 to May 2012, John Andrew Barr fabricated three insurance certificates, an insurance policy schedule and an email purporting to be from an insurance provider, an Australian Securities and Investments Commission (ASIC) investigation has found.
Before the investigation, ASIC had been notified by Barr's then employer which shared its own internal investigation into his conduct.
According to the regulator, the potential exposure that Barr's clients faced as a result of the misconduct was in excess of $40 million.
"ASIC will not tolerate this type of behaviour. Those who engage in misleading and deceptive conduct will be removed from the industry," ASIC Deputy Chairman Peter Kell said.
Barr has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
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