½ñÈÕÈÈÃÅʼþ

½ñÈÕÈÈÃÅʼþhas banned Mr Raymond Arthur Robinson from providing financial services for seven years, after an ½ñÈÕÈÈÃÅʼþinvestigation. Mr Robinson was, until 17 February 2016, a director of Johansen Insurance Brokers Pty Ltd (JIB).　

½ñÈÕÈÈÃÅʼþfound that Mr Robinson, from Wangaratta, Victoria, engaged in misleading and deceptive conduct between September 2013 and October 2015 in relation to business insurance. Specifically, Mr Robinson altered the insurance policies of clients without their instruction, and misled clients as to the level of cover held and the amount of fees for service he would charge.　

According to an initial statement received from JIB, the conduct involved 74 incidents and cost JIB a total of $13,000 to refund and/or place insurance cover for each client.　

½ñÈÕÈÈÃÅʼþDeputy Chairman Peter Kell said, ‘It’s crucial that brokers and other professionals in the insurance industry act with honesty and integrity, as they are entrusted to help consumers and small businesses make important financial decisions.  ½ñÈÕÈÈÃÅʼþwill continue to hold these gatekeepers to account."  　

JIB, which cooperated with ½ñÈÕÈÈÃÅʼþduring the investigation, has recovered $6,973 from Mr Robinson as a contribution towards restitution owing to JIB and its clients.　

½ñÈÕÈÈÃÅʼþcommenced an investigation after it received a breach notification from JIB.　

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

Editor's note:

Mr Robinson has indicated he would lodge an appeal against the decision.