ASIC bans advisers
The Australian Securities and Investments Commission (ASIC) has banned Phillip Dryer and Colin Littlemore of NSW from providing financial advice for four years and one year respectively after they provided contracts of insurance without authorisation or a licence to do so.
Between 2004 and 2007, Dryer and Littlemore ran a financial services company, Drysham Diversities, trading as Interactive Insurance Brokers, without holding an Australian Financial Services Licence (AFSL) or being an authorised representative of a holder of an AFSL. Dryer was the sole director and secretary of the company.
During that time they acted as insurance brokers, arranging insurance contracts with professional indemnity, public liability and car insurance for retail clients without being licensed or authorised.
ASIC found Dryer disregarded the legal requirement to hold an AFSL and provided financial services despite having a full understanding of the requirement.
Dryer and Littlemore have the right to appeal to the Administrative Appeals Tribunal.
AUTHOR
Levy. Benjamin
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