ASIC has permanently banned former Perth insurance broker, Mr Sergio Amaranti, from the financial services industry.

Mr Amaranti was employed as a director of Phoenix Insurance Brokers Pty Ltd (Phoenix) for the period 25 January 2002 to 25 February 2016 and was a senior insurance broker with Phoenix from 2000 to November 2015.

ASIC found that between 1 January 2009 to 9 November 2015, Mr Amaranti engaged in misleading and deceptive conduct and dishonest conduct in relation to client funds, by directing refunds owing from Phoenix to clients, totalling approximately $254,000 to various personal accounts held in Mr Amaranti's name. Funds were owing to clients as a result of refunds of insurance premiums from cancellations, adjustments or negotiated discounts by Mr Amaranti.

As a director of Phoenix, Mr Amaranti was a signatory of the Trust Account held by Phoenix and held an individual code and password to finalise transactions, including refunds to clients.

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