ASIC bans adviser for bogus insurance applications
The Australian Securities and Investments Commission (ASIC) has permanently banned a Sydney financial adviser after an investigation found he submitted 12 applications for life insurance policies in the names of people who did not exist.
The adviser, Pavan Vyas of West Pennant Hills, was an authorised representative of Lionsgate Financial Group and HNW Planning and arranged insurance cover for the clients of the two groups.
ASIC’s investigation found that while working for Lionsgate, Vyas submitted the 12 applications along with three further applications in the names of friends without their knowledge in an effort to earn commissions on the applications.
ASIC claimed Vyas also submitted other false documents to hide the false applications, including variations to the insurance applications and falsified emails from the fictitious clients.
Vyas has the right to appeal to the Administrative Appeals Tribunal over the banning, with ASIC stating its investigation into Vyas is continuing.
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