January 30, 2012
A former insurance company director from South Australia has been permanently banned from providing financial services, according to a statement issued by the Australian Securities and Investments Commission (ASIC).
Craig John Horsell was found to have dishonestly obtained more than $400,000 from his clients over a two-year period. According to ASIC’s investigation, Mr Horsell authorised the transfer of 72 insurance premium payments from clients into his bank account, but did not purchase the insurance products as requested by those clients.
All insurance covers that were suspected of being fabricated or compromised by Mr Horsell’s actions have been placed or reinstated.
ASIC said it issued a permanent ban in order to protect the public, deter similar conduct and maintain consumer confidence in the financial services sector.