Editor's note:

This media release was amended on 24 June 2019 to clarify that Mr Davies and Carmel Moriah Holdings Pty Ltd status as authorised representatives of Community Broker Network Pty Ltd was revoked in October 2017.

Media release:

ASIC has permanently banned Mr Murray Graham Davies of Beaumaris, Victoria, a licensed and authorised financial adviser and credit adviser, from providing financial services and from engaging in credit activities.

ASIC found that Mr Davies was dishonest and is not of good fame or character. From October to November 2016 Mr Davies:

• back-dated an insurance policy for a factory building after the building had been damaged in a fire;
• lodged an insurance claim for the damage to the factory building and contents and for a vehicle; and
• after lodging the insurance claim for the vehicle, added information to the vehicle insurance policy which increased its insured value.

At the time of these actions, Mr Davies was a director of Carmel Moriah
Holdings Pty Ltd, an entity that holds a credit licence. He and Carmel Moriah Holdings were also authorised representatives of National Adviser Services Pty Ltd (National Adviser Services Pty Ltd was Community Broker Network Pty Ltd’s former company name). Mr Davies’ and Carmel Moriah Holdings authorisations wererevoked by National Adviser Services in October 2017. Mr Davies was also previously an authorised representative of Gold Financial Pty Ltd, a financial services licensee, during the period 2007 to 2019.  

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

Editor's note 2:

On 26 June 2019, Mr Davies applied to the AAT for a review of his banning order. The matter remains before the AAT.

Editor's note 3:

On 11 September 2020, Mr Davies withdrew his AAT review and the permanent ban remains in place.