ASIC bans insurance broker
Michael Andrew Crawley of Victoria has been permanently banned from providing financial services by the Australian Securities and Investments Commission (ASIC).
Crawley, an insurance broker, was banned after ASIC found he had engaged in dishonest conduct by falsifying loan applications for premium insurance funding from Ascot Premium Finance between October 2006 and April 2007.
Crawley misused his position to obtain unauthorised loans in excess of $500,000. He was a director of Infac Insurance at the time.
Crawley has the right to lodge an application for a review of the decision to the Administrative Appeals Tribunal.
AUTHOR
Benjamin Levy
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
