Perth-based insurance broker John Barr has been banned permanently from providing insurance for engaging in misleading and deceptive conduct, potentially exposing clients to up to $40 million in losses.
ASIC said that its investigation found that Mr Barr fabricated three insurance certificates, an insurance policy schedule and an email which claimed to be from an insurance provider between May 2011 and May 2012.
Mr Barr also put one client at risk of breaching the terms of their Australian financial services licence.
His profile on Robinson Insurance’s website was removed earlier today.
“Those who engage in misleading and deceptive conduct will be removed from the industry,” Mr Kell said.
Mr Barr can appeal the decision at the Administrative Appeals Tribunal.