Permanent ASIC ban over dodgy insurance dealings

Permanent ASIC ban over dodgy insurance dealings | Insurance Business

Permanent ASIC ban over dodgy insurance dealings
A senior financial planner has been permanently banned by ASIC thanks to a series of offences, it has been announced.

ASIC said that, Martin Hodgetts, a former Westpac employee “whose job included sourcing and submitting personal insurance business for Westpac in Victoria,” has been permanently banned from the financial services industry after submitting nine false policies between May and September 2014.

The false policies submitted by Hodgetts included “invented details” such as “imaginary conversations and false signatures, and none were either requested or approved by any existing or new Westpac customer,” the regulator said in a statement.

ASIC Deputy Chairman Peter Kell said, that Hodgett’s behaviour was financially motivated.

“Mr Hodgetts’ misleading and deceptive conduct was driven purely by the commissions he collected which is completely contrary to the integrity required of a person in his position,” Kell said.

It was revealed that Hodgetts, who had worked for Westpac from 2010, used internal systems to “dishonestly alter certain details of two of the false policies after they were submitted in order to avoid detection.”

Hodgett’s has since repaid the commissions he received from the nine false policies but Victoria Police have laid charges in relation to his conduct.