Former insurance broker accepts ASIC's findings
The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking from Paul Meier, former director of Barker Meier Insurance Brokers (BMIB), to permanently refrain from financial services work or engage in credit activity.
The South Australian man offered the undertaking following an investigation by ASIC into BMIB while he was director and responsible manager.
Meier accepted ASIC's findings that on 16 occasions between 31 October 2010 and November 2011 he submitted loan applications containing false information.
He acknowledged that the false loan applications resulted in Premium Funding advancing loans to Meier which were then used by Meier to meet business expenses, or to Meier's benefit.
ASIC Commissioner Peter Kell said the regulator would endeavour to ban brokers and advisers who undermine consumer confidence by failing to meet the standards of the industry.
"Persons like Mr Meier who are involved in the financial services industry must provide services honestly and act in the best interests of clients," he said.
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.
