A Parramatta broker has been hit with a three-year ban from providing financial services after failing to forward client premiums on to insurers.
ASIC cancelled the AFS licence of Warren Gelle, the former Manager of WD Gelle Insurance and Finance Brokers, in April last year after an investigation found the firm had failed to forward some client premiums to insurers.
It also found discrepancies between the sums taken from some customers and the amounts that the company was holding in trust on their behalf.
Gelle was banned for failing to properly monitor compliance of WD Gelle’s obligations.
“As the responsible manager, Mr Gelle was accountable for ensuring WD Gelle complied with its duty as an insurance broker to pass on premiums to insurers and more broadly, comply with its obligations as an Australian financial services licensee,” ASIC Deputy Chairman Peter Kell says.
“ASIC’s banning of Mr Gelle should serve as a clear message that oversight of compliance failures will result in removal from the financial services industry.”