The Australian Securities and Investments Commission (ASIC) has permanently banned a Victorian insurance broker from providing financial services after he was found to have engaged in dishonest conduct when he used funds from a client for personal use.
Mark William Clough of Burwood, Victoria, was banned following an ASIC investigation into his dealings while he operated an insurance consultancy that traded as Muir Sturrock Pty Ltd and Muir Sturrock Consulting.
ASIC found that between August 2000 and July 2005, Clough received a total of $43,500 from a client for the purpose of obtaining income protection insurance policies but retained the funds for his personal use.
Clough’s conduct in preparing documentation relating to the income protection insurance was found to be misleading and deceptive, an ASIC statement said.
ASIC also found Clough carried on a financial services business without holding an Australian Financial Services Licence.
Clough can appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
