Insurance broker’s ban expanded

A former insurance broker banned from providing financial services has had his prohibition broadened, after ASIC barred him from providing credit services as well.

ASIC permanently banned Leroy Bowmaker from providing financial services in 2013, after his Castle Hill company All Class Insurance Brokers went into liquidation.

Bowmaker has now also been banned from providing credit activities.

ASIC’s investigation found that between 2011 and 2012, Bowmaker misused more than $640,000 in client funds, including failing to pass on insurance premiums, leaving a client who suffered a loss with no active insurance policy.

Deputy Chairman Peter Kell says: “Dishonest conduct is not compatible with the honesty and integrity required of those engaging in credit activity.

“ASIC will ensure that individuals who behave dishonestly are removed from the credit industry.”