Adelaide-based Michael Mahoney, has been banned from providing financial services for four years by ASIC following an investigation which found false information in insurance policies.
Mahoney was employed by BT Financial Group in the Westpac Scaled Advice Insurance business from October 2013 to July 2014 and provided general advice to retail clients on insurance products.
ASIC found that Mahoney has “engaged in conduct that was misleading and deceptive,” by entering false information on various clients’ health or health-risk factors in telephone applications for insurance policies issued by Westpac Life Insurance Services.
“This outcome shows that ASIC expects employees who are providing financial services to maintain high standards and not engage in conduct that is misleading and deceptive,” Peter Kell
, deputy chair of ASIC said.
Mahoney has the right to appeal and Westpac has agreed to honour the affected clients’ policies.
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