Sydney insurance broker permanently banned
A Sydney insurance broker has been permanently banned from providing financial services following an investigation by the Australian Securities and Investments Commission (ASIC).
According to the regulator, Ronald Coshott of Edgecliff — who was the director and sole responsible officer of Bay Pacific (Insurance Brokers) — had been involved in dishonest conduct between 15 October 2010 and 28 March 2012.
This included:
• providing invoices to a client that specified insurance was in place when this was not the case;
• emailing falsified insurance certificates to a client in March 2012 which represented that insurance was in place when there had been no insurance in place since 2009;
• including information in the falsified documents stating that Bay Pacific was a Lloyds of London cover holder when this was not the case; and
• representing to a client that he had contacted their current insurers who advised they were no longer able to provide insurance. According to the regulator's investigation, the insurance company had not been the client's insurer since their insurance was cancelled in 2009.
Coshott has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
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