Victorian insurance representative banned for misconduct
The Australian Securities and Investments Commission (ASIC) has permanently banned a Victorian insurance representative from providing financial services.
An investigation by the corporate regulator found Adam Browning of Yarraville engaged in dishonest and deceptive conduct in relation to home and contents insurance, motor insurance and public liability insurance.
During the course of the misconduct, Browning lodged a false loan application, created false insurance invoices, misled clients about the details of their insurance policies, and misappropriated funds intended for the payment of insurance premiums.
Between February 2004 and June 2005, Browning was employed as a representative for Allfreight Insurance Brokers (Allfreight), an insurance broker in the northern suburbs of Melbourne.
Based on the initial report provided by Allfreight, the corporate watchdog believes the misconduct involved approximately 12 clients.
ASIC banned Browning after finding he had not complied with financial services laws, and that there was reason to believe he would not comply with financial services laws in the future.
“Mr Browning has demonstrated that he is not fit to work in the financial services industry, having misled innocent consumers and deceived his employer,” ASIC deputy executive director, enforcement, Allen Turton said.
“ASIC will not hesitate to remove such people, permanently, from the insurance industry,” he said.
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