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Insurance broker cops permanent ban

ASIC has permanently banned a South Australian insurance broker from providing financial services after he used client funds for his own benefit and forged signatures.

>The corporate regulator permanently banned Christopher Griggs, of Chris Griggs Insurance Offices Pty Ltd, from providing financial services after it found he prepared and submitted applications for insurance premium loan funding to Elantis Premium Funding Limited without the authority or knowledge of the named applicants and forged the signatures of the alleged applicants.   

Approved loan funds were then paid into a bank account controlled by Mr Griggs and applied to his benefit, ASIC said in a statement. 

Mr Griggs obtained a direct financial benefit totalling $155,002.87 and commissions of $1,705.02.

ASIC deputy chairman Peter Kell said dishonest conduct will not be tolerated.

“Consumers are entitled to expect that insurance brokers will uphold the highest standards of conduct so as to maximise their confidence in the financial system,” Mr Kell said.

“Mr Griggs’ conduct fell well and truly short of that standard.”

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

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