The Australian Securities and Investment Commission (ASIC) has permanently banned Mr Geoffrey David Sanders, of Kingsley in Western Australia, from providing financial services.

Mr Sanders, trading as Acclaim Group, acted as an insurance agent for a number of insurance companies from the early 1990s. Mr Sanders also acted as an authorised representative of Guardianfp Limited from March 2004, until Guardianfp withdrew Mr Sanders’ authority in September 2004.

ASIC banned Mr Sanders after finding that there is reason to believe he would not comply with financial services laws in the future.

ASIC also found Mr Sanders:

• had falsified documentation to disguise the fact that he had misused approximately $200,000 of clients’ funds;
• had dishonestly engaged in conduct, including the creation of a fictitious person, that was intended to mislead the persons to whom he provided financial advice; and
• had the propensity to take financial advantage of clients and engage in unconscionable conduct in connection with the supply of financial services.

‘ASIC will take action to ensure that participants in the financial services industry act honestly and with integrity when dealing with clients’, ASIC’s Executive Director of Enforcement, Ms Jan Redfern said.

‘It’s critical that consumers are aware of their rights in relation to the financial services industry. There is a large amount of information available on ASIC’s consumer website at www.fido.gov.au that aims to help and which we encourage people to access’, Ms Redfern added.

Mr Sanders has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.