Insurance broker banned from FS
The Australian Securities and Investments Commission (ASIC) has banned a Sydney-based insurance broker from the industry for three years after he allegedly failed to pass on collected premiums to insurers.
Warren Douglas Gelle, the former responsible manager and director of WD Gelle Insurance & Finance Brokers Pty Ltd (DRGD), had his Australian Financial Services Licence cancelled in April last year after an investigation found shortfalls between amounts his customers paid and those paid to insurers.
ASIC said he failed to properly monitor the company's compliance or AFSL obligations and therefore he was unfit to work in the financial services realm for a period of time.
Deputy Chairman Peter Kell said, ‘As the responsible manager, Mr Gelle was accountable for ensuring WD Gelle complied with its duty as an insurance broker to pass on premiums to insurers and more broadly, comply with its obligations as an Australian financial services licensee.
"ASIC's banning of Mr Gelle should serve as a clear message that oversight of compliance failures will result in removal from the financial services industry."
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