ASIC bans insurance broker
The Australian Securities and Investments Commission (ASIC) has permanently banned a Victorian broker from providing financial services.
Burwood man Mark William Clough has been banned following an ASIC investigation into his dealings when he operated insurance consultancy business Muir Sturrock.
The regulator found Mr Clough engaged in dishonest conduct between August 2000 and July 2005, using $43,500 meant for a client’s income protection policies for his own personal use.
He also breached the law after carrying on a financial services business while not holding an Australian financial services licence.
Mr Clough has the right to appeal the decision.
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