ASIC has banned former life insurance broker Munther El-Alami from providing any financial services for eight years.
The decision follows allegation by the regulator that El-Alami engaged in misleading or deceptive conduct by making misleading or false representations when submitting applications for life policies on behalf of clients.
El-Alami was an authorised representative of Alternative Media Pty Ltd from 14 September 2022 until 26 June 2023. During the period of alleged misconduct, he was employed as a life insurance specialist by Advizer Pty Ltd.
ASIC also believes El-Alami is not a fit and proper person, is not competent to participate in the Australian financial services industry, and is likely to contravene financial services law.
Included in ASIC’s eight-year ban is that El-Alami will not be able to control an entity that carries on a financial services business, or perform any function within a financial services business.
The ban took effect 17 September 2025 and has been recorded on ASIC’s banned and disqualified register.
El-Alami has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
