The corporate regulator has banned former insurance adviser John Durant from providing financial services, controlling an entity that carries on a financial services business, or performing as an officer any function involved in the carrying on of a financial services business for three years, after finding that he is not a fit and proper person to perform those roles.
In a statement on Thursday, the Australian Securities and Investments Commission (ASIC) said Gosford-based Mr Durant was the sole director of Assurance Corp, which was an authorised representative of Insurance Advisernet Australia (IAA).
ASIC found that from 30 July 2019 to 12 February 2021, Mr Durant:
- Instructed clients to deposit money, intended as payment of insurance premiums, into his personal bank account or into Assurance Corp’s business account, and not into an IAA client monies account as was required by law.
- Failed to pay the funds received into his personal bank account or Assurance Corp’s business account to IAA.
- Misused client funds.
The corporate regulator found that although Mr Durant’s misconduct was a result of poor judgment rather than an act of dishonesty, a banning order was justified given the potential for such conduct to harm clients.
Mr Durant has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Geezz…must be only 10 insurance agents left now.
So you have a guy who by the sounds of it didn’t have a great idea of how to structure payments and keep a separation of accounts (probably inflows AND outflows) but hasn’t actually done anything to harm clients or of a dishonest nature as admitted by the regulator. YET you have hundreds of tradies out there operating their businesses and collecting payments via their wife’s hairdressing or beauty therapist bank account (because “why not” as many have told us) and they’re fine to go about business as usual? Seems fair. Meanwhile the real criminals actually screwing over Joe Public are left until Four Corners do something about them as the regulator is too busy with banning advisers over administration matters.