ASIC has permanently banned Mr Terence Howell, of Geelong North, from providing financial services.

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

‘ASIC will act quickly to remove participants from the financial services industry who act dishonestly when dealing with client funds’, said Mr Allen Turton, ASIC’s Deputy Executive Director of Enforcement.

From February 2004 until July 2005, Mr Howell was employed as an authorised representative for CGU Insurance Pty Ltd, and from February 2004 until August 2005, he was employed as an authorised representative for Insurance Solutions Geelong Pty Ltd.

ASIC’s investigation found that Mr Howell engaged in dishonest and deceptive conduct in relation to a financial product. ASIC found that:

• Mr Howell deceived CGU by failing to retain client insurance premiums in a trust account until they were forwarded to CGU;
• he failed to forward 101 client premiums (totalling $76,498.32) within 37 days of receipt; and
• he intentionally used the insurance premiums of at least 57 clients (totalling $38,342.41) for personal purposes, knowing he was not entitled to do so, which was dishonest.

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