The Australian Securities and Investments Commission (ASIC) has banned former Westpac financial planner, Martin Hodgetts, from the financial services sector after an investigation found he submitted false insurance policy proposals.
The submissions occurred between May and September last year, when Hodgetts was found to have registered nine false policies in a bid to obtain benefits for himself.
ASIC deputy chairman, Peter Kell, said: “Hodgetts’ misleading and deceptive conduct was driven purely by the commissions he collected, which is completely contrary to the integrity required of a person in his position.”
The senior business financial planner was responsible for sourcing and submitting personal insurance business for Westpac in Victoria.
In an attempt to avoid detection, Hodgetts also used the Westpac’s internal software system to alter specific details of two of the false policies after they were submitted.
According to ASIC, the false policies he submitted contained “invented” details, including “imaginary conversations” and “false” signatures.
ASIC also confirmed that none of these details or signatures were either requested or approved by any existing or new Westpac customer.
Hodgetts repaid the commissions he received from the false policies, and is now awaiting further action.
The Victoria Police have laid charges as the investigation continues.
Since ASIC’s Wealth Management Project started in October 2014, it has banned four other financial advisers as part of its ongoing investigation: Shawn Hickman, Brett O’Malley, Brian Farber, and Rebecca Locksley.
