The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking from former South Australian broker Paul Meier to permanently refrain from providing financial services or engaging in credit activity.

ASIC says Mr Meier, a director and responsible manager of Barker Meier Insurance Brokers, “acknowledged the views held by ASIC” that he submitted loan applications to Premium Funding Pty Ltd containing false information 16 times between October 2010 and November 2011.

It says Premium Funding advanced loans to Mr Meier on the basis of the information, but he used the money to meet Barker Meier’s business expenses.

Mr Meier owned half the company, which operated in Adelaide and Melbourne.