Adviser permanently banned by ASIC

ASIC has permanently banned Murray Graham Davies of Beaumaris, Victoria, a licensed and authorised financial adviser and credit adviser, from providing financial services and from engaging in credit activities.

The regulator found that Davies was dishonest and is not of good fame or character. From October to November 2016 Mr Davies:

  • back-dated an insurance policy for a factory building after the building had been damaged in a fire;
  • lodged an insurance claim for the damage to the factory building and contents and for a vehicle; and
  • after lodging the insurance claim for the vehicle, added information to the vehicle insurance policy which increased its insured value.

Davies is a director of Carmel Moriah Holdings Pty Ltd, an entity that holds a credit licence, and a corporate representative of Community Broker Network Pty Ltd (formally known as National Adviser Services Pty Ltd) and Gold Financial Pty Ltd.  He is also an authorised representative of Gold Financial Pty Ltd (a financial services licensee).