Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Ten-year ban for insurance representative

insurance/administrative-appeals-tribunal/australian-securities-and-investments-commission/

5 March 2010
| By Mike Taylor |
image
image image
expand image

A Victorian insurance representative has been banned from providing financial services as a result of action pursued by the Australian Securities and Investments Commission (ASIC).

The regulator said that the man, Terrence Wayne McDonald of Portland in Victorian, had been banned after it was found that he had not complied with financial services laws. ASIC also said there was reason to believe he would not comply in the future.

An ASIC announcement said McDonald had been employed as a sub-authorised representative of a regional insurance broker, Jacarlen Pty Ltd, between March 10, 2004 and June 15, 2009.

ASIC said it had found that McDonald had engaged in conduct that was likely to deceive the insurance broker and his clients. McDonald had claimed that insurance payments had been forwarded to the broker’s trust account, and had then told his clients that they were insured when this was not the case, the regulator said.

ASIC found that, specifically, between December 3, 2008 and June 4, 2009, McDonald delayed deposit of $24,605.80 in premiums paid by 46 clients into an insurance broker’s trust account.

ASIC said McDonald had the right to lodge an application for review of the banning decision with the Administrative Appeals Tribunal.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

4 days 13 hours ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 week 4 days ago

So we are now underwriting criminal scams?...

6 months 2 weeks ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

6 days 9 hours ago

Libby Roy has been appointed as an independent non-executive director on the board of AZ NGA....

3 weeks 6 days ago

A professional year supervisor has been banned for five years after advice provided by his provisional relevant provider was deemed to be inappropriate, the first time th...

2 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
3