ASIC bans Melbourne insurance broker
The Australian Securities and Investments Commission has fined the general manager of Melbourne and Mackay-based Phil Doring Insurance Brokers for dishonest conduct, after he failed to reobtain an Australian financial services licence (AFSL) following his father’s death.
Prior to the April 2016 liquidation of PDIB, insurance broker, Anthony Doring had been found by ASIC to have deliberately misappropriated money from a company trust account to continue PDIB’s trading capability.
In addition, Doring was found to have cancelled client insurance policies without authorisation and to have failed in his obligation to lodge an annual auditors report with financial statements with ASIC.
“ASIC will act to remove those who behave without regard to their obligations to their clients from the financial services industry,” deputy chairman, Peter Kell said.
“The investing public needs to be able to trust those who provide financial services.”
Doring was declared bankrupt on 19 July 2016.
AUTHOR
Hope William-Smith
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
