Insurance broker, Mr Robert Wilson, has been permanently banned from providing financial services following an investigation by ASIC.

Mr Wilson, of West Footscray, was banned after ASIC found he had engaged in misleading and deceptive conduct during his engagement with a Moonee Ponds based insurance agency between March 2004 and October 2005.

Specifically, ASIC’s investigation found Mr Wilson had:

• intentionally retained the insurance premiums of five clients, totalling $46,599.75, which he then used for personal purposes; and

• deceitfully created two false loan documents in order to obtain finance of $18,988.83, which he used for personal purposes.

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

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