A New South Wales adviser has been permanently banned from providing financial services following an investigation by ASIC into fraudulent insurance applications.
Vince Aloisi, a former authorised representative with AMP Financial Planning, was found to have engaged in dishonest conduct between 2007 and 2009 in submitting approximately 55 applications for life and/or income protection insurance which were either in the names of clients who were not genuine, or on behalf of individuals who had no intention to effect the policies.
Mr Aloisi was also found to have engaged in misleading or deceptive conduct by submitting or causing the applications to be submitted which resulted in the payment by AMP Life of commission of approximately $700,000 which he then used for his own purposes.
These commissions have now been fully recovered, and ASIC’s statement advises that no clients of AMP have suffered any loss as a result of Mr Aloisi’s conduct.
ASIC acknowledged AMP Life for its assistance with the investigation, noting that Mr Aloisi’s conduct was brought to ASIC’s attention by AMP Financial Planning.
While there are a number of cases over a 12-month period that involve the banning of advisers by ASIC, it is rare for the adviser activity in question to relate to the life insurance sector.
