ASIC Bans Former Insurance Adviser for Three Years

VICTORIA, Australia, Oct. 5 -- The Australian Securities and Investments Commission issued the following news release:

ASIC has banned former insurance adviser John Durant, of Gosford, NSW from providing financial services, controlling an entity that carries on a financial services business, or performing as an officer any function involved in the carrying on of a financial services business for three years, after finding that he is not a fit and proper person to perform those roles.

Mr Durant was the sole director of Assurance Corp (Aust) Pty Ltd (Assurance Corp). Both Mr Durant and Assurance Corp were authorised representatives of Insurance Advisernet Australia Pty Limited (IAA).

ASIC found that from 30 July 2019 to 12 February 2021, Mr Durant:

* instructed clients to deposit money, intended as payment of insurance premiums, into his personal bank account or into Assurance Corp's business account, and not into an IAA client monies account as was required by law;

* failed to pay the funds received into his personal bank account or Assurance Corp's business account to IAA; and

* misused client funds.

ASIC found that although Mr Durant's misconduct was a result of poor judgment rather than an act of dishonesty, a banning order was justified given the potential for such conduct to harm clients.

Mr Durant has the right to apply to the Administrative Appeals Tribunal for a review of ASIC's decision.

Mr Durant's banning is recorded on ASIC's banned and disqualified register (https://asic.gov.au/online-services/search-asic-s-registers/banned-and-disqualified/).

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Original text here: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-269mr-asic-bans-former-insurance-adviser-for-three-years#!type=media%20releases