ASIC has banned Mr Raymond Arthur Robinson from providing financial services for seven years, after an ASIC investigation. Mr Robinson was, until 17 February 2016, a director of Johansen Insurance Brokers Pty Ltd (JIB).　

ASIC found that Mr Robinson, from Wangaratta, Victoria, engaged in misleading and deceptive conduct between September 2013 and October 2015 in relation to business insurance. Specifically, Mr Robinson altered the insurance policies of clients without their instruction, and misled clients as to the level of cover held and the amount of fees for service he would charge.　

According to an initial statement received from JIB, the conduct involved 74 incidents and cost JIB a total of $13,000 to refund and/or place insurance cover for each client.　

ASIC Deputy Chairman Peter Kell said, ‘It’s crucial that brokers and other professionals in the insurance industry act with honesty and integrity, as they are entrusted to help consumers and small businesses make important financial decisions.  ASIC will continue to hold these gatekeepers to account."  　

JIB, which cooperated with ASIC during the investigation, has recovered $6,973 from Mr Robinson as a contribution towards restitution owing to JIB and its clients.　

ASIC commenced an investigation after it received a breach notification from JIB.　

Mr Robinson has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Editor's note:

Mr Robinson has indicated he would lodge an appeal against the decision.