ASIC has handed a lifetime ban to a Sydney insurance broker after an investigation found he repeatedly duped clients over their insurance policies.
Ronald Coshott, of Edgecliff, New South Wales, was the director and sole responsible officer of Bay Pacific Insurance Brokers.
ASIC found Coshott engaged in dishonest conduct between 15 October, 2010, to 28 March, 2012, by providing invoices to a client that specified insurance was in place when it was not; and emailing falsified insurance certificates to a client in March 2012 which falsely represented insurance was in place since 2009.
He also falsified insurance certificates stating that Bay Pacific was a Lloyds of London coverholder when this was not the case; and told a client that he had contacted their current insurers who advised they were no longer able to provide insurance. It was found the insurance company had not been the client's insurer since their insurance was cancelled in 2009.
In permanently banning Coshott, ASIC found reason to believe he “was not of good character”.
Coshott has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Mortgage advice coming from a planner near you?
Mandatory degree another step towards professionalism
Not enough auditors to keep up with SMSFs