Insurance broker permanently banned by ASIC

ASIC has permanently banned Christopher John Griggs from providing financial services.

Mr Griggs was the sole director of Chris Griggs Insurance Offices Pty Ltd, an insurance broker based in Mount Pleasant, South Australia.

The corporate regulator found that Mr Griggs 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. Mr Griggs obtained a direct financial benefit totaling $155,002.87 and commissions of $1,705.02.

ASIC Deputy Chairman Peter Kell said Mr Griggs’ conduct was very serious. ‘Dishonest conduct will not be tolerated by ASIC. 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 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.