Asic bans insurance broker

The corporate watchdog has removed a Perth insurance broker from the industry for failing to comply with regulations.

Jeffrey Bailey has been permanently banned from the financial services industry for his actions while serving as a director of Winley Insurance Group.

Mr Bailey was found to have been the key person and responsible manager for the former Australian financial services licensee between 2009 and 2016.

In a statement, the Australian Securities and Investments Commission said Mr Bailey was involved in breaches of legal requirements by Winley, including the failure to lodge audited financial accounts for the 2014 and 2015 financial years within the required timeframe, and failing to lodge a breach report with the regulator within the required timeframe.

“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 said.

Commissioner John Price said directors, key persons and responsible managers of licensees should have an appropriate compliance culture that supported the integrity of Australia’s retail and wholesale markets.

Mr Bailey has the right to appeal Asic’s decision.