A Perth-based insurance broker has been permanently banned after misleading behaviour that put a client at risk of breaching their AFSL conditions.
According to the Australian Securities and Investments Commission, insurance broker John Andrew Barr has received a permanent ban from financial services after an ASIC investigation found him guilty of engaging in misleading and deceptive conduct.
“ASIC's investigation found that, from May 2011 to May 2012, Mr Barr fabricated three insurance certificates, an insurance policy schedule and an email purporting to be from an insurance provider. Further, Mr Barr falsified another email, and made misrepresentations as to cover level,” an ASIC statement said.
"The potential exposure that his clients faced as a result of his conduct was in excess of $40 million. He also put one client at risk of breaching the terms of their Australian financial services (AFS) licence." In addition, the statement said “ASIC found reason to believe that [Mr Barr] was not of good fame or character”.34 individuals have received ASIC bans this year across financial services, with 18 being permanently banned.
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