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ASIC bans Sydney adviser over life insurance applications

The Australian Securities and Investments Commission (ASIC) has banned a Sydney financial adviser who falsified more than 60 life insurance policies to collect commissions.

Susan Heathwood of Randwick has been permanently banned from providing financial services.

Ms Heathwood was an authorised representative of GuardianFP from April 2005 until May 2011, and an employee of Jalee Consulting Group Pty Ltd, also an authorised representative of GuardianFP. She provided financial advice and arranged life insurance.

ASIC says that between 2010 and 2011 she falsified personal information on people who had never asked for life insurance to be arranged on their behalf.

The information included the applicants’ smoker status, height, weight, alcohol consumption and occupation.

The application forms gave Ms Heathwood’s own post office box as the applicant’s address. She also used her own telephone number and those of her son and daughter.

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