Barclay Group caught out on landlord insurance

FEDERAL Court orders have been obtained against Barclay MIS Landlord Protection Plant (VIC) Pty Ltd and seven related companies operating around Australia after the group was found to be selling insurance products while unlicensed.

The companies form the Barclay Group (no relation to the Barclay Bank), which has been investigated by the Australian Securities and Investments Commission following the purchase by up to 150,000 landlords of products branded Barclay Rent Guarantee, the Barclay Damage Guarantee and the Barclay Total Guarantee by the Barclay Group.

Under the Financial Services Reform Act, which came into effect on March 11 2002, it is unlawful to issue insurance without holding an Australian Financial Services Licence, issued by ASIC, or without authorisation from the Australian Prudential Regulatory Authority.

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