ASIC bans Melbourne insurance broker
The Australian Securities and Investments Commission has fined the general manager of Melbourne and Mackay-based Phil Doring Insurance Brokers for dishonest conduct, after he failed to reobtain an Australian financial services licence (AFSL) following his father’s death.
Prior to the April 2016 liquidation of PDIB, insurance broker, Anthony Doring had been found by ASIC to have deliberately misappropriated money from a company trust account to continue PDIB’s trading capability.
In addition, Doring was found to have cancelled client insurance policies without authorisation and to have failed in his obligation to lodge an annual auditors report with financial statements with ASIC.
“ASIC will act to remove those who behave without regard to their obligations to their clients from the financial services industry,” deputy chairman, Peter Kell said.
“The investing public needs to be able to trust those who provide financial services.”
Doring was declared bankrupt on 19 July 2016.
AUTHOR
Hope William-Smith
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
