ASIC has permanently banned former NSW-based insurance broker Cesar Cutro from providing any financial services.

Mr Cutro has also been banned from controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business, and performing any function involved in the carrying on of a financial services business.

ASIC found Mr Cutro is not a fit and proper person to participate in the financial services industry because he lacks honesty, integrity, professionalism, and sound judgment, and is likely to contravene financial services law.

From January 2019 to November 2022, while an authorised representative of an AFS licensee, Mr Cutro engaged in conduct, in relation to a financial product or a financial service, that was misleading or deceptive.

ASIC determined that Mr Cutro is not a fit and proper person to provide financial services due to the conduct he engaged in between January 2019 and November 2022 when he:

• misled clients about the true base premium and the true broker fee associated with their insurance policies;
• falsely represented to the auditor that two clients were made aware of and/or agreed to the higher administration fees listed in the system invoices when this was not the case; and
• added his own personal bank account details into refund request forms for two clients to divert client refunds into his own account.

Mr Cutro’s banning is recorded on ASIC’s banned and disqualified register.

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