A senior financial planner has been permanently banned from the financial services industry following a series of fraudulent insurance policy proposals.
Martin Hodgetts, whose role included sourcing and submitting personal insurance business for Westpac, was found to have submitted nine false policies in order to obtain benefits for himself.
The policies comprised of false details and fake signatures, and none of the policies were requested or approved by existing Westpac customers.
Hodgetts was also found to have used the bank’s internal software system to alter details of the false policies following submission in order to avoid discovery.
“Mr Hodgetts’ misleading and deceptive conduct was driven purely by the commissions he collected which is completely contrary to the integrity required of a person in his position,” says ASIC Deputy Chairman Peter Kell.
Hodgetts has also been charged by the Victorian Police.