The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) of Parramatta-based insurance broker WD Gelle Insurance and Finance Brokers Pty Ltd.
It comes as ASIC found the firm acted dishonestly when it failed to forward the client funds it received on to insurers in full.
ASIC also found discrepancies between the amounts received from customers and the amount that should have been held in trust by the company on behalf of those customers.
Insurance firm Vero Insurance Limited filed a winding-up application of WD Gelle Insurance in July 2013, but this was withdrawn in October 2013.
ASIC is continuing with its investigation.
The insurance broker can appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
