ASIC bans NSW insurance broker
The Australian Securities and Investments Commission (ASIC) has permanently banned a New South Wales insurance broker from providing financial services after he was convicted of fraud in the NSW Magistrates Court (Tamworth).
Specialist rural insurance broker, Agri Risk Services' employee, Mark Chapple, pleaded guilty to four counts of acquiring money through deception and four counts of dishonestly acquiring financial advantage by deception.
He was found to have invoiced many clients directly for his services despite already having been paid by his employer.
AgriRisk alerted ASIC of Chapple's conduct and assisted the regulator with its enquiries.
He was sentenced in September 2015 after a sentencing appeal.
ASIC deputy chair, Peter Kell, said: "Clients should be able to trust that their insurance broker is providing a valuable service. This behaviour will not be tolerated".
Chapple can appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
AUTHOR
Malavika Santhebennur
Recommended for you
The Federal Court has dismissed a conflicted remuneration case brought by ASIC against the director of life insurance distributor Freedom Group, where Bali holidays and Vespa purchases were among sales incentives.
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
