ASIC has permanently banned Mr Mark William Clough, of Burwood Victoria from providing financial services.

This follows an ASIC investigation into Mr Clough's dealings when he operated an insurance consultancy business which traded as Muir Sturrock Pty Ltd and Muir Sturrock Consulting.

ASIC found that Mr Clough engaged in dishonest conduct between August 2000 and July 2005 when he received a total of $43,500 from a client to for the purpose of obtaining income protection insurance policies, but instead, retained the funds for his personal use.

Mr Clough's conduct in preparing documentation relating to the income protection insurance was found to be misleading and deceptive in breach of a financial services law.

ASIC also found that Mr Clough breached a financial services law by carrying on a financial services business while not holding an Australian Financial Services Licence.

ASIC will not hesitate to ban individuals who disregard their obligations under the Corporations Act 2001. The permanent banning of Mr Clough will protect the community and ensure continuing public confidence in the financial services industry.

Mr Clough has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision