Perth insurer receives permanent ban
Western Australian insurance broker Jeffrey Bailey has received a permanent ban after continuously failing to lodge annual audit reports, an Australian Securities and Investments Commission (ASIC) inquiry found.
Bailey was the former director of Winley Insurance Group between 2009 and 2016 and held the position of responsible manager between February 2010 and May 2016. Within this timeframe, ASIC found Bailey had failed to lodge audited financial accounts for FY2015 and FY2015.
ASIC also found Bailey had also been integral in Winley Insurance Group’s failure to comply with the conditions of its Australian financial services licence (AFSL), and its lack of suitable risk management systems. Bailey was also found at fault for failing to ensure financial services covered by Winley’s AFSL were honest, fair and efficient.
ASIC commissioner John Price said: “Directors, key persons and responsible managers of licensees should have an appropriate compliance culture that supports the integrity of Australia's retail and wholesale markets”.
“ASIC will act to remove people from the insurance industry that fail to discharge the duties and obligations imposed upon them by the financial services laws.”
Mr Bailey has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
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