Insurance representative Mr Terrence Wayne McDonald, 55, of Portland, Victoria, has been banned from providing financial services for 10 years following an investigation by ASIC.

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

Mr McDonald was employed as a sub-authorised representative of Jacarlen Pty Ltd between 10 March 2004 and 15 June 2009. Jacarlen Pty Ltd was a corporate authorised representative of an insurance broker operating predominantly in regional areas throughout Australia.

ASIC found that Mr McDonald had engaged in conduct that was likely to deceive the insurance broker and his clients by claiming that insurance payments had been forwarded to the broker's trust account and representing to his clients that they were insured, when this was not the case.

Specifically, ASIC found that between 3 December 2008 and 4 June 2009 Mr McDonald delayed deposit of $24,605.80 in premiums paid by 46 clients into an insurance broker's trust account.

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