Permanent ban issued to Victorian insurance product referrer
The chief executive and national director sales and marketing of Melbourne-based Landlord Protection & Collection (LP&C) has been banned by the regulator for illegal arranging of contracts of insurance.
Tracey Joanne Burnell, who was previously banned in 2011 and convicted of criminal offences in 2014, is also the previous sole director of the companies Landlord Protection & Collection, which is under external administration, and the now deregistered Protection & Collection Pty Ltd.
ASIC considered Burnell’s conduct over the three years to 2017 and determined her conduct went beyond that of a referrer.
The regulator found that:
- Burnell has accepted payments from clients in relation to those insurance premiums into a LP&C bank account
- Burnell has issued invoices to clients for insurance premiums on LP&C stationery letterhead (and in some cases inflated the amount of the premium required to be paid by the client); and
- Had occasions, failed to pass on those payments of insurance premiums to the insurance brokers, with whom referral agreements were in place.
"Where people engage in financial services when unlicensed or engage in misleading and deceptive conduct, ASIC will ensure that they are excluded from providing such services in the future,” said ASIC acting chairman, Peter Kell.
The regulator said the investigation into Burnell’s conduct remained ongoing.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.