The corporate regulator has taken action against a Sydney-based insurance and finance broker according to a statement issued yesterday.
ASIC has banned WD Gelle Insurance & Finance Brokers responsible manager and director Warren Douglas Gelle from providing financial services for three years.
Mr Gelle’s banning follows the regulator cancelling WD Gelle’s AFSL in April 2014 for failing to forward client premiums on to insurers.
“Mr Gelle was banned after ASIC found that he failed to properly monitor compliance of WD Gelle's obligations as an [AFSL] and this facilitated the company's failure to maintain premium funding in trust pending payment to insurers,” the statement said.
ASIC deputy chairman Peter Kell said as the responsible manager Mr Gelle was accountable for ensuring the business complied with its obligations as a licensee.
“[The] banning of Mr Gelle should serve as a clear message that oversight of compliance failures will result in removal from the financial services industry,” Mr Kell said.
Mr Gelle has the right to appeal to the Administrative Appeals Tribunal for review of the regulator’s decision.
SUBSCRIBE TO THE IFA DAILY BULLETIN
13 Dec 2017Proposed ASIC penalties inappropriate: FPABy Staff Reporter
13 Dec 2017AMP QLD head of sales to departBy Aleks Vickovich
13 Dec 2017CBA's Ricky Gillespie gets $3K wrist slapBy Aleks Vickovich
13 Dec 2017Elders appoints NSW-based practiceBy Staff Reporter
13 Dec 2017Zurich outlines advice partnership with ANZBy Jessica Yun and Killian Plastow
13 Dec 2017ASIC gets glowing report card for MoneySmartBy Staff Reporter
- view all