Perth insurer receives permanent ban

insurer ban

image
image
expand image

Western Australian insurance broker Jeffrey Bailey has received a permanent ban after continuously failing to lodge annual audit reports, an Australian Securities and Investments Commission (ASIC) inquiry found.

Bailey was the former director of Winley Insurance Group between 2009 and 2016 and held the position of responsible manager between February 2010 and May 2016. Within this timeframe, ASIC found Bailey had failed to lodge audited financial accounts for FY2015 and FY2015.

ASIC also found Bailey had also been integral in Winley Insurance Group’s failure to comply with the conditions of its Australian financial services licence (AFSL), and its lack of suitable risk management systems. Bailey was also found at fault for failing to ensure financial services covered by Winley’s AFSL were honest, fair and efficient.

ASIC commissioner John Price said: “Directors, key persons and responsible managers of licensees should have an appropriate compliance culture that supports the integrity of Australia's retail and wholesale markets”.

“ASIC will act to remove people from the insurance industry that fail to discharge the duties and obligations imposed upon them by the financial services laws.”

Mr Bailey has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

1 month 3 weeks ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

2 months ago

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

2 months ago

SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positiv...

2 weeks 2 days ago

Original bidder Bain Capital, which saw its first offer rejected in December, has returned with a revised bid for Insignia Financial....

1 week 2 days ago

The FAAA has secured CSLR-related documents under the FOI process, after an extended four-month wait, which show little analysis was done on how the scheme’s cost would a...

1 week ago

TOP PERFORMING FUNDS