The Australian Securities and Investments Commission (ASIC) has permanently banned an authorised representative (AR) in Victoria after a probe found he engaged in financial misconduct.

Murray Graham Davies, from Beaumaris, was an AR with National Adviser Services (NAS), formerly owned by IAG, when he acted dishonestly over an insurance claim for losses from a factory fire.

Towards the end of 2016 he backdated the insurance policy for the factory after the fire had gutted the premises. He went on to lodge a claim for building and contents losses and also for a vehicle. After submitting the claim, he proceeded to increase the insured value of the vehicle.

“ASIC found that Mr Davies was dishonest and is not of good fame or character,” the corporate regulator says today in a statement.

ASIC declined to provide details of the fire when contacted by insuranceNEWS.com.au. The regulator says the “criminal aspects” of the matter have been referred to the police.

Mr Davies’ authority to represent NAS was revoked in October 2017.

He can appeal the ASIC ban on providing financial services with the Administrative Appeals Tribunal.

NAS was merged with Perth-based Westcourt General Insurance Brokers after IAG acquired the latter in July 2016. The merged business was later rebranded as Community Broker Network, which Steadfast bought last October.