ASIC bans NSW insurance broker
The Australian Securities and Investments Commission (ASIC) permanently banned a NSW insurance representative from providing financial services last week, after she misappropriated over $4,000 of client funds.
Rae Morley was banned as a result of an ASIC investigation into her conduct during her employment with Insurance Advisement Australian Pty Ltd.
Morley was employed as an insurance broker with the company between September, 2004, and January, 2006.
The ASIC investigation showed that during that time Morley engaged in dishonest and deceptive conduct in relation to home and contents and motor vehicle insurance.
The corporate regulator alleged that Morley misappropriated over $4,000 of client funds and issued false receipt documents to approximately 12 clients.
Morley was banned when ASIC found she had not complied with financial services laws and was not satisfied she would comply with them in the future.
Morley has the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal.
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