SEARCH

ASIC bans claims manager

A Melbourne-based national claims manager has been banned from providing financial services for life for making fraudulent claims.

Travers David Loy received the ban after an Australian Securities and Investments Commission (ASIC) investigation found he had fraudulently pocketed more than $1 million.

In his position as national claims manager for ATC Insurance Solutions, Mr Loy fabricated and submitted 38 false claims – predominantly income protection – enabling him to directly receive fraudulent payments totalling $1,224,936.15 between 17 June 2010 and 22 May 2012.

Mr Loy directed $967,221.74 from trust accounts held by ATC on behalf of ATC's underwriters into his own bank accounts, including his own business, Callejon Cafe, in Collingwood.

Advertisement
Advertisement

The matter came to ASIC's attention after ATC submitted a breach report in May 2012.

“This matter shows a blatant disregard for the basic principles associated with being a trusted financial services provider. ASIC will remove individuals from the industry if they fail to comply with financial services laws and breach their employer’s trust,” said ASIC deputy chairman Peter Kell.

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

ASIC bans claims manager
default
ifa logo

Join the debate to improve the issues that surround affordability and accessibility within the advice industry at ifa’s brand-new event, ifa Future Forum.

Join your peers to uncover game-changing industry solutions to pave the way for solving the problem of accessibility and affordability. Utilise your extensive knowledge to formulate ideas and help futureproof advice. Register your free place now! ifafutureforum.com.au

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.