ASIC has permanently banned a Perth-based insurance broker after an investigation found he engaged in misleading and deceptive conduct.

Mr John Andrew Barr, of Darlington, Western Australia, is the 34th individual banned by ASIC from providing financial services this year. Of that number, 18 have been permanent bannings.

ASIC's investigation found that, from May 2011 to May 2012, Mr Barr fabricated three insurance certificates, an insurance policy schedule and an email purporting to be from an insurance provider. Further, Mr Barr falsified another email, and made misrepresentations as to cover level.

The potential exposure that his clients faced as a result of his conduct was in excess of $40 million. He also put one client at risk of breaching the terms of their Australian financial services (AFS) licence.

ASIC Deputy Chairman Peter Kell said individuals that worked for licensed insurance intermediaries hold a position of trust and are accountable for their actions.

'ASIC will not tolerate this type of behaviour. Those who engage in misleading and deceptive conduct will be removed from the industry', Mr Kell said.

In permanently banning Mr Barr, ASIC found reason to believe that he was not of good fame or character.

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

Background

ASIC's investigation into Mr Barr followed his then employer notifying ASIC and sharing its own internal investigation into his conduct. ASIC considers this to be a good example of a licensee reporting breaches in line with its obligations, and found that Barr acted independently of his employer.

Regulatory Guide 78 Breach reporting by AFS licensees (RG 78) provides guidance for financial services licensees on reporting breaches, or likely breaches, of their obligations under the financial services laws.