ASIC has permanently banned Perth insurance broker, Mr Jeffrey Bailey, from the financial services industry.

Mr Bailey was a director of former Australian Financial Services licensee Winley Insurance Group Pty Ltd (Winley) for the period 6 July 2009 to 18 April 2016 and was the key person and responsible manager for Winley between 9 February 2010 to 19 May 2016.

ASIC found that Mr Bailey was involved in breaches of legal requirements by Winley, including the failure to lodge audited financial accounts for FY2014 and FY2015 within the required time frame and the failure to lodge a breach report with ASIC within the appropriate time frame.

ASIC also found that Mr Bailey was an integral factor in Winley failing to:

• do all things necessary to ensure that the financial services covered by their licence were provided efficiently, honestly and fairly;
• comply with the conditions of their licence; and
• have adequate risk management systems.　

ASIC Commissioner John Price said, 'Directors, key persons and responsible managers of licensees should have an appropriate compliance culture that supports the integrity of Australia's retail and wholesale markets. ASIC will act to remove people from the insurance industry that fail to discharge the duties and obligations imposed upon them by the financial services laws.'

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