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Insurance Business | 26 Sep 2014, 08:53 AM Agree 0
A premium funder targeted by a fraudulent broker says the legal system is too lenient on white collar crimes.
  • Robert KELLY | 26 Sep 2014, 12:22 PM Agree 0
    I think ASIC ,as regulator , and the Judicial system ,who all the facts , are best placed to allocate punishment and sanction
    We are on very shaky ground if we try to work outside established Regulation and legal process
  • Scott | 26 Sep 2014, 12:25 PM Agree 0
    The best way to prevent future occurrences is to enforce stricter auditing processes and mandatory reporting.
    Individuals that choose the cross the line will do, despite what the punishment is.
    As an industry, we have to identify actions early and remove them at a much earlier occasion than is presently being allowed to occur. This starts with much stricter and regular Auditing. If picked up earlier circumstances like this one, would have been minimised to a much lesser amount.
    Albeit the punishment would still remain.
  • Alan | 26 Sep 2014, 01:14 PM Agree 0
    Looks like he got 300 hrs community service, for stealing close to $300,000. Basically he is getting paid $1,000 per hour to pick up paper in the park. Sign me up!
  • Chris | 29 Sep 2014, 11:22 AM Agree 0
    Any finance provider particularly premium funding companies should have in place a robust Fraud Auditing process which will pick up abnormalities in payment methods, frequency of funding which includes similar amounts etc plus random audit checks on the insurance placement and borrower. Whilst it is not common place it does happen so common sense risk protection is mandatory.
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