Former NSW-based insurance broker Cesar Cutro has been served a life ban after he misled clients about the true base premium and also engaged in other deceptive misconduct, the Australian Securities and Investments Commission (ASIC) announced today.

The misconduct occurred between January 2019 and November last year while he was an authorised representative of an Australian Financial Services (AFS) licensee, the corporate regulator said.

During the period, he also misled clients about the true broker fee associated with their insurance policies and falsely represented to the auditor that two clients were made aware of and/or agreed to the higher administration fees listed in the system invoices when this was not the case.

The regulator says he also added his own personal bank account details into refund request forms for two clients to divert client refunds into his own account.

“ASIC found Mr Cutro is not a fit and proper person to participate in the financial services industry because he lacks honesty, integrity, professionalism, and sound judgment, and is likely to contravene financial services law,” the regulator said.

He is banned permanently from providing financial services. He is also barred from controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business, and performing any function involved in the carrying on of a financial services business.

ASIC says he has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

The ASIC banning order says the ban commenced on December 7 and has his address as Heathcote, NSW. His banning is recorded on ASIC’s banned and disqualified register.

ASIC says he was a general insurance broker but has declined to provide other details, including the identity of licensee.