ASIC bans ‘dishonest’ insurance broker
A NSW insurance broker has been permanently banned from providing financial services after an Australian Securities and Investments Commission (ASIC) investigation found he engaged in "dishonest conduct".
ASIC revealed that between March 2013 and 31 October 2013, Leslie Allan Gentle, a former authorised representative of Westlawn Insurance Brokers Pty Ltd, deposited clients' claims payments and premiums into his personal bank account on a number of occasions.
The regulator reported that Gentle deceived clients by failing to advise them of claims payments he had received on their behalf, while also using premium payments for "his own purposes".
ASIC deputy chairman, Peter Kell said, "It is essential for those in the financial services industry to act with honesty and integrity at all times.
"Individuals who do not act in this way will be removed from the industry."
ASIC also revealed that Westlawn Insurance Brokers had reported the matter to ASIC and have ensured that the affected clients of Gentle were not disadvantaged in any way.
AUTHOR
Nicholas O'Donoghue
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