ASIC has permanently banned Mr Duncan Ernest Howarth, of Ringwood, Victoria, from providing financial services.

ASIC was concerned Mr Howarth had arranged for his company, Presidential Financial Services Pty Ltd (PFS), to obtain insurance premium loans from premium funding firms for Mr Howarth’s family company, JJG Investments Pty Ltd and seven PFS clients, when those entities had not, in fact, entered into relevant insurance contracts with insurers.

PFS received approximately $86,593 in commissions from the firms for arranging the premium funding loans.

ASIC formed the view that in securing insurance premium loans for his clients without any corresponding insurance being in place, Mr Howarth was not an appropriate person to be involved in the financial services industry.

Mr Howarth was an authorised representative of two companies holding an Australian financial services licence.

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