ASIC slams permanent ban on Beaumaris adviser

ASIC slams permanent ban on Beaumaris adviser | Insurance Business

ASIC slams permanent ban on Beaumaris adviser

A Beaumaris authorised financial and credit adviser has been slapped with a permanent ban from providing financial services and engaging in credit activities by Australia’s corporate watchdog.

Murray Graham Davies, an authorised representative of Community Broker Network and Gold Financial and director of Carmel Moriah Holdings, was found to be dishonest and not of good fame or character, after he, from October to November 2016:

  • back-dated an insurance policy for a factory building after the building had been damaged in a fire;
  • lodged an insurance claim for the damage to the factory building and contents and for a vehicle; and
  • added information to the vehicle insurance policy which increased its insured value.

Davies was an AR with National Adviser Services (NAS), formerly owned by IAG, at the time of the misconduct. He has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.