Insurance adviser banned over bankruptcy

A Queensland life insurance adviser has been temporarily banned from the industry after concealing his bankruptcy.

ASIC today banned Kelvin William Roy Fair from providing financial services until November.

He was an authorised representative of Ballast Financial Management and the sole shareholder of Australian Global Insurance Services, which specialised in life insurance and income protection.

ASIC found Fair had falsely represented to Ballast that he was not an undischarged bankrupt and failed to comply with his obligations as a bankrupt.

The website for Australian Global Insurance Services states Fair has been in the insurance business since 1992.

“Kelvin has been responsible for growing the business into one of Australia’s largest risk insurance specialist practices and meets frequently with insurance product providers,” it states.

“He is influential in shaping products appropriately to suit the changing insurance market, and is a key driver for Australian expats being able to access Australian insurance products whilst living overseas.”