The Australian Securities and Investments Commission (ASIC) has banned a former Insurance Advisernet Australia (IAA) authorised representative (AR) for three years.

In a media release, the regulator said, “after finding that he is not a fit and proper person to perform those roles,” John Durant, of Gosford, NSW “is banned from providing financial services, controlling an entity that carries on a financial services business, or performing as an officer any function involved in the carrying on of a financial services business.”

Durant was sole director of Assurance Corp (Aust).

The release said that the former broker’s misconduct was a result of “poor judgment rather than an act of dishonesty.” However, ASIC said “a banning order was justified given the potential for such conduct to harm clients.”

The regulator said Durant instructed clients to deposit payments for insurance premiums into his personal bank account. He then failed, said the release, to pay into an Insurance Advisernet client monies account “as was required by law.”

ASIC said he also misused client funds.

The former AR has the right to apply to the Administrative Appeals Tribunal for a review of ASIC's decision.