ASIC permanently bans insurance agent
The Australian Securities and Investments Commission (ASIC) has permanently banned a Tasmania-based insurance agent from providing financial services after being convicted of fraud offences.
According to ASIC, Phillip John Kingston pleaded guilty to each charge and was banned after being convicted on two charges of stealing by agent, one charge of stealing, and one charge of dishonestly acquiring a financial advantage. The offences occurred between January 2007 and June 2008 and constitute 'serious fraud' under the Corporations Act 2001.
Kingston was sentenced on 20 May 2010 and the banning took effect on 8 April 2011.
Kingston initially applied to the Administrative Appeals Tribunal for a review of ASIC's decision on 13 May 2011, but withdrew his application on 12 August, ASIC stated.
Under the Corporation Act 2001, ASIC can ban a person from providing financial services if the person is convicted of fraud.
ASIC said they had reason to believe Kingston was not a "person of good fame and character" and the banning will be permanent.
At the time the offences were committed, Kingston was an authorised representative of Choice Future Planning Pty Ltd. He was subsequently an authorised representative for Combined Insurance, and was so at the time of proceedings in the Magistrates Court of Tasmania, ASIC stated.
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.
