ASIC bans broker for dishonest conduct

ASIC bans broker for dishonest conduct

ASIC bans broker for dishonest conduct

ASIC has permanently banned a Sydney insurance broker from providing financial services after an investigation found he engaged in dishonest conduct.

Ronald Coshott, of Edgecliff, New South Wales, was the director and sole responsible officer of Bay Pacific Insurance Brokers.

ASIC found Coshott engaged in dishonest conduct between 15 October 2010 to 28 March 2012 by providing invoices to a client that specified insurance was in place when this was not the case; and emailing falsified insurance certificates to a client in March 2012 which represented insurance was in place when this had not been the case since 2009.

He also falsified insurance certificates stating that Bay Pacific was a Lloyds of London coverholder when this was not the case; and told a client that he had contacted their current insurers who advised they were no longer able to provide insurance. It was found the insurance company had not been the client's insurer since their insurance was cancelled in 2009.

In permanently banning Coshott, ASIC found reason to believe he “was not of good character”.

Coshott has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.