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.
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.
The professional body for the stockbroking and financial advice industry has called on the government to “urgently” review the ASIC levy model. ...
The Association of Financial Advisers (AFA) has confirmed the appointment of a new chief executive. ...
FPA chief executive Dante De Gori has announced he will step down from his role at the end of 2021. ...