ASIC bans adviser for bogus insurance applications
The Australian Securities and Investments Commission (ASIC) has permanently banned a Sydney financial adviser after an investigation found he submitted 12 applications for life insurance policies in the names of people who did not exist.
The adviser, Pavan Vyas of West Pennant Hills, was an authorised representative of Lionsgate Financial Group and HNW Planning and arranged insurance cover for the clients of the two groups.
ASIC’s investigation found that while working for Lionsgate, Vyas submitted the 12 applications along with three further applications in the names of friends without their knowledge in an effort to earn commissions on the applications.
ASIC claimed Vyas also submitted other false documents to hide the false applications, including variations to the insurance applications and falsified emails from the fictitious clients.
Vyas has the right to appeal to the Administrative Appeals Tribunal over the banning, with ASIC stating its investigation into Vyas is continuing.
AUTHOR
Staff Writer
Recommended for you
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
