MAYFIELD insurance agent Phillip Paddison has been banned for life from providing financial services after he was caught engaging in dishonest conduct.
The Australian Securities and Investments Commission found that Mr Paddison’s actions cost about 100 clients more than $150,000.
ASIC conducted the investigation between October 2010 and November 2011 and subsequently banned Mr Paddison, who was the sole director of Risk Transfer Services.
The company failed to forward clients’ business and personal insurance payments, according to the ASIC findings, and money paid to Risk Transfer Services that was meant to be forwarded to its financial services licensee.
He also failed to ensure clients were adequately insured.
As a result of Mr Paddison’s actions, IAA paid approximately $100,000 to ensure that all affected clients had their insurance cover either reinstated or adequately replaced.