ASIC has permanently banned Mr Adam Greig Browning, of Yarraville in Victoria, from providing financial services.

Between February 2004 and June 2005, Mr Browning was employed as a representative for Allfreight Insurance Brokers Pty Ltd, an insurance broker in the northern suburbs of Melbourne.

ASIC’s investigation found that Mr Browning had engaged in dishonest and deceptive conduct in relation to home and contents insurance, motor insurance and public liability insurance. During the course of his misconduct, Mr Browning lodged a false loan application, created false insurance invoices, misled clients as to the details of their insurance policy, and misappropriated funds intended for the payment of insurance premiums.

Based on the initial report provided by the licensee, Allfreight Insurance Brokers, ASIC believes the conduct involved approximately 12 clients.

ASIC banned Mr Browning after finding that he had not complied with financial services laws and that there was reason to believe he would not comply with financial services laws in the future.

‘Mr Browning has demonstrated that he is not fit to work in the financial services industry having misled innocent consumers and deceived his employer. ASIC will not hesitate to remove such people, permanently, from the insurance industry’, Mr Allen Turton, ASIC’s Deputy Executive Director, Enforcement, said.

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