The Australian Securities and Investments Commission (ASIC) has permanently banned Perth insurance broker, Jeffrey Bailey, from the financial services industry.
ASIC found that Bailey was involved in breaches of legal requirements by Winley, including the failure to lodge audited financial accounts within the required time frame and the failure to lodge a breach report with ASIC within the appropriate time frame.
ASIC Commissioner John Price said, “Directors, key persons and responsible managers of licensees should have an appropriate compliance culture that supports the integrity of Australia’s retail and wholesale markets. ASIC will act to remove people from the insurance industry that fail to discharge the duties and obligations imposed upon them by the financial services laws.”
Bailey was a director of former Australian Financial Services licensee Winley Insurance Group since July 2009, and was the ‘key person and responsible manager’ for Winley between 2010 and 2016.
He was found to be an integral factor in Winley failing to ensure that the financial services covered by their license were provided efficiently, honestly and fairly.
Additionally, ASIC said Winley failed to comply with the conditions of its license and didn’t have adequate risk management systems.
Bailey has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.