05/08/2013 - 12:07

Insurance broker cops permanent ban

05/08/2013 - 12:07

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Perth-based broker John Barr has been banned.

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.

The Australian Securities and Investments Commission said today that Mr Barr had become the 34th person banned from providing financial services this year.

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.

Mr Barr was most recently employed in Perth with Robinson Insurance Broking Services, a position he was appointed to in September last year. The offences do not relate to his time at Robinson.

His profile on Robinson Insurance’s website was removed earlier today.

It had said Mr Barr had 16 years of experience working with Aon in Ireland and Marsh and Willis in Australia.

ASIC deputy chairman Peter Kell said the regulator would not tolerate the type of behaviour exhibited by Mr Barr.

“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.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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