A New South Wales insurance broker has been banned from providing financial services and engaging in credit activities after being found guilty of multiple counts of fraud.

Formerly authorised by Elders Insurance, Tony Bashford operated four insurance agencies under the Elders brand.

However, he was handed a permanent ban from practicing after he was found to have been making fraudulent claims on customer policies, then collecting the payouts himself.

While an internal investigation first uncovered the misconduct, proceedings were soon taken over by NSW Police and Bashford later pleaded guilty to seven counts of dishonestly through obtaining a financial advantage by deception.

The Talbingo resident was convicted of all charges and sentenced to 14 months imprisonment - however, he is appealing the length of the sentence.

Bashford also has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.