A former Westpac financial adviser from Victoria has been permanently banned for submitting false insurance proposals.

Martin Hodgetts worked for the bank from August 2010 to September last year.

He submitted nine false policies last year containing invented details, including fake signatures. 

Mr Hodgetts used the bank’s internal software system to dishonestly alter details on two of the false policies after they were submitted, to avoid detection.

The false policies were not requested or approved by any Westpac customer.

The bank reported Mr Hodgetts to the Australian Securities and Investments Commission (ASIC).

He has subsequently repaid commissions he received from the nine false policies. He has been banned by ASIC and charged by Victoria Police.

ASIC Deputy Chairman Peter Kell says Mr Hodgetts’ misleading and deceptive conduct was driven purely by commissions.