ASIC permanently bans South Australian insurance broker
The Australian Securities and Investments Commission (ASIC) has permanently banned Christopher John Griggs, a sole director of South Australia-based insurance broker Chris Griggs Insurance Offices Pty Ltd, from providing financial services for submitting false applications.
According to ASIC, Griggs had submitted applications for insurance premium loan funding to Elantis Premium Funding Limited without the knowledge of the named applicants and had forged their signatures.
In this way, he had obtained a direct financial benefit totalling $155,002.87 and commissions of $1,705.02 as the approved loan funds were paid into his bank account.
ASIC's deputy chairman, Peter Kell, said: "Dishonest conduct will not be tolerated by ASIC. Consumers are entitled to expect that insurance brokers will uphold the highest standards of conduct, so as to maximise their confidence in the financial system".
"Mr Griggs' conduct fell well and truly short of that standard."
Griggs has the right to appeal to the Administrative Appeals Tribunal for review of ASIC's decision.
AUTHOR
Oksana Patron
Recommended for you
ASIC has banned another two former financial advisers of MWL Financial Services of making inappropriate advice to clients regarding the Shield Master fund, following two bannings earlier this month.
Two surveys from CoreData and Vanguard have shared the level of trust the Australian public has in financial advisers, and how it has changed since the Hayne royal commission.
The Financial Advice Association Australia has stated it is “working closely” with the Financial Services Minister, Daniel Mulino, to remount the inquiry into Dixon Advisory by the Senate economics references committee.
Australian wealth manager Shaw and Partners has appointed a national head for its private wealth division, which has over 200 advisers and $40 billion in assets under management.
