ASIC has permanently banned former responsible officer and director of Lederman Insurance Brokers Pty Limited (Lederman Insurance), Ms Marion Ann Woodhouse of Tascott, New South Wales, from providing financial services.

Ms Woodhouse’s banning follows a NSW Police investigation and her conviction for misappropriating $186,654.51 from Lederman Insurance. Ms Woodhouse was sentenced to community service and ordered to pay compensation to the company.

ASIC was informed of the misappropriation through a qualified audit report received from the accountants for Lederman Insurance who also reported the misappropriation to the NSW Police.

‘ASIC is determined to ensure industry participants maintain a high standard. and that individuals who fail to practise with honesty and integrity are prevented from practising’, said ASIC’s Executive Director of Compliance, Ms Jennifer O’Donnell.

Individuals banned by ASIC are recorded on a banning register. Consumers can check whether an adviser has been banned by referring to ASIC’s website at www.search.asic.gov.au/ban.html.

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

Background

Ms Woodhouse was a director of Lederman Insurance from 25 June 1993 to 2 May 2001 and the responsible officer between 1 March to 30 August 2004.

A responsible officer is an individual or individuals to whom the directors of the AFS licensee have given the power and authority to make significant decisions relevant to the carrying on of a financial services business. These decisions may be managerial or strategic, financial or relevant to the provision of the actual financial services.