ASIC permanently bans fraudulent insurance adviser
The corporate regulator has permanently banned former ACE Insurance (ACE) adviser Abhinav Gupta from working in the financial services industry for fraudulent conduct.
Operating through ACE's Combined Insurance division in Victoria, Mr Gupta was responsible for selling "accident and sickness" insurance policies to the general public.
Following an investigation by the regulator, ASIC found Mr Gupta issued a policy in the name of a client who never agreed to or signed for an insurance policy and used a client's bank account details on another client's policy application without authorisation.
Mr Gupta also issued at least 12 fictional policies in the names of clients that either did not exist and or contained numerous fictional details in the policy applications, such as false employment details and non-existent bank accounts.
During his time with Combined Insurance, Mr Gupta was not paid a salary but received upfront and volume bonus commissions based on policies sold.
This was also along with "incentive prizes" such as electronic devices and gift vouches.
ASIC deputy chair Peter Kell said Mr Gupta's actions were motivated by his own potential gains.
"For the protection of the public, ASIC will act to ensure dishonest insurance advisers are removed from the industry," Mr Kell said.
Mr Gupta has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Court confirms wealth directors breached duties
The Federal Court has dismissed the appeal from two directors of a collapsed fin...
ATO should administer early super scheme
An actuarial body has suggested the Tax Office should be responsible for adminis...
Practice Profile: Where digital meets personal
While the uptake of robo-advice has been slow in Australia, one advice firm has ...