ASIC bans Westpac financial planner

westpac financial planning

13 August 2015
| By Daniel Paperny |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has banned former Westpac financial planner, Martin Hodgetts, from the financial services sector after an investigation found he submitted false insurance policy proposals.

The submissions occurred between May and September last year, when Hodgetts was found to have registered nine false policies in a bid to obtain benefits for himself.

ASIC deputy chairman, Peter Kell, said: "Hodgetts' misleading and deceptive conduct was driven purely by the commissions he collected, which is completely contrary to the integrity required of a person in his position."

The senior business financial planner was responsible for sourcing and submitting personal insurance business for Westpac in Victoria.

In an attempt to avoid detection, Hodgetts also used the Westpac's internal software system to alter specific details of two of the false policies after they were submitted.

According to ASIC, the false policies he submitted contained "invented" details, including "imaginary conversations" and "false" signatures.

ASIC also confirmed that none of these details or signatures were either requested or approved by any existing or new Westpac customer.

Hodgetts repaid the commissions he received from the false policies, and is now awaiting further action.

The Victoria Police have laid charges as the investigation continues.

Since ASIC's Wealth Management Project started in October 2014, it has banned four other financial advisers as part of its ongoing investigation: Shawn Hickman, Brett O'Malley, Brian Farber, and Rebecca Locksley.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 3 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 1 hour ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 4 hours ago