ASIC bans ‘dishonest’ insurance broker

ASIC financial services industry australian securities and investments commission peter kell

1 October 2014
| By Nicholas |
image
image
expand image

A NSW insurance broker has been permanently banned from providing financial services after an Australian Securities and Investments Commission (ASIC) investigation found he engaged in "dishonest conduct".

ASIC revealed that between March 2013 and 31 October 2013, Leslie Allan Gentle, a former authorised representative of Westlawn Insurance Brokers Pty Ltd, deposited clients' claims payments and premiums into his personal bank account on a number of occasions.

The regulator reported that Gentle deceived clients by failing to advise them of claims payments he had received on their behalf, while also using premium payments for "his own purposes".

ASIC deputy chairman, Peter Kell said, "It is essential for those in the financial services industry to act with honesty and integrity at all times.

"Individuals who do not act in this way will be removed from the industry."

ASIC also revealed that Westlawn Insurance Brokers had reported the matter to ASIC and have ensured that the affected clients of Gentle were not disadvantaged in any way.

 

 

 

 

 

 

 

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 4 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 2 hours ago

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

2 days 5 hours ago