A former AMP authorised representative who falsely arranged life and income protection policies has been permanently banned from providing financial services.

The Australian Securities and Investments Commission (ASIC) says Vince Aloisi, of Baulkham Hills in NSW, engaged in dishonest conduct by submitting or causing to be submitted to AMP Life about 55 applications for life insurance and/or income protection insurance “which were in the names of clients who were either not genuine, or in the name of individuals where there was no genuine intention to effect the insurance policies”.

ASIC says AMP Life, which brought the matter to the regulator’s attention, paid Mr Aloisi commission of about $700,000 for the false policies.

Mr Aloisi worked as an authorised rep with AMP Financial Planning and AMP GI Distribution from January 2004 to August 2009. ASIC says the offences were committed between January 2007 and August 2009.

AMP Life recovered all the dishonestly obtained commission money and no clients were affected.