ASIC hands broker lifelong ban

ASIC hands broker lifelong ban | Insurance Business

ASIC hands broker lifelong ban

ASIC has permanently banned Perth insurance broker John Andrew Barr after an investigation found he engaged in misleading and deceptive conduct.

Barr fabricated three insurance certificates, an insurance policy schedule and an email purporting to be from an insurance provider. Furthermore, he falsified another email, and made misrepresentations as to cover level.

The potential exposure that his clients faced as a result of his conduct was in excess of $40m. He also put one client at risk of breaching the terms of their Australian financial services (AFS) licence.

His conduct came to light following an internal investigation by his employer.

In permanently banning Barr, ASIC found reason to believe that he was not of good fame or character.

ASIC deputy chairman Peter Kell said individuals that worked for licensed insurance intermediaries hold a position of trust and are accountable for their actions.

”ASIC will not tolerate this type of behaviour. Those who engage in misleading and deceptive conduct will be removed from the industry,” Kell said.

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

Barr, of Darlington, Western Australia, is the 34th individual banned by ASIC from providing financial services this year. Of that number, 18 have been permanent bannings.