The Australian Securities and Investments Commission (ASIC) has permanently banned Ms Clare Tracy, a Mudgee-based former general insurance agent, from providing financial services.

ASIC permanently banned Ms Tracy after she pleaded guilty to 20 counts of obtaining money by deception and was sentenced to 250 hours of community service by the Parramatta Local Court. The charges related to her dishonestly dealing with client’s insurance premium payments.

Ms Tracy held an agency agreement with Insurance Advisernet Australia Pty Limited from 26 June 2002 until 14 November 2003 when the agreement was terminated. She traded under the company name of Loudflower Pty Ltd.

Insurance Advisernet Australia notified ASIC of Ms Tracy’s arrest and charge by the Mudgee Police and assisted ASIC with its inquiries that resulted in Ms Tracy’s permanent banning from the financial services industry.

‘ASIC is determined to ensure the integrity of the financial services industry by preventing anyone who does not maintain a high standard of probity from carrying on a financial services business’, said Ms Pamela McAlister, Deputy Executive Director, Financial Services Regulation.

Ms Tracy has the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal.