ASIC bans Perth financial advisor

The Australian Security and Investment Commission (ASIC) has permanently banned a Perth man from providing financial services.

Steven James Ker was banned after an ASIC investigation into his conduct as an authorized representative dealing in general insurance financial products.

ASIC found that between 18 December 2006 and 31 December 2008, Mr Ker had engaged in dishonest conduct by repeatedly representing to clients that they had insurances policies in place when insurance policies did not exist, exposing clients to potential losses.

ASIC found that in one instance, Mr Ker paid one client a $58,894.11 insurance claim against a non-existent insurance policy. The claim was paid from a premium funding loan arranged by Mr Ker for another client that was meant, but not totally used, for the payment of insurance policies. Mr Ker told both clients that their insurance policies were in place.

Mr Ker has the right to lodge an application for review of ASIC's decision with the Administrative Appeals Tribunal.