ASIC bans insurance agent
TheAustralian Securities and Investment Commission(ASIC) has permanently banned a former insurance agent after they pleaded guilty to 20 counts of obtaining money by deception.
Trading under the company name Loudflower Pty Ltd, Mudgee based Clare Tracy held an agency agreement with Insurance Advisernet Australia from 26 June 2002 until 14 November 2003 when the agreement was terminated.
The charges were brought by the Mudgee police in the Parramatta Local Court and related to her dishonesty dealing with clients’ insurance premium payments.
Insurance Advisernet Australia notified ASIC of Tracy’s arrest and charge by the Mudgee Police and assisted ASIC with its inquiries resulting in Tracy being sentenced to 250 hours community service by the court.
“ASIC is determined to ensure the integrity of the financial services industry by preventing anyone who does not maintain a high standard of probity from carrying on a financial services business”, ASIC financial services regulation deputy executive director Pamela McAlister says.
The ban comes as ASIC continues to pursue Macquarie Towns Financial Services director John Michael Higgins to answer to 21 charges of dishonest misconduct. The previously banned adviser is scheduled to reappear at the Downing Centre Local Court on July 6 2004.
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