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AR banned over factory fire claim

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A Victorian authorised representative has been permanently banned from the financial services industry for dishonest conduct.

Murray Graham Davies fraudulently claimed for losses from a factory fire in 2016, an Australian Securities and Investments Commission (ASIC) probe found.

He was an authorised representative with National Adviser Services (NAS), which IAG owned when he backdated a policy for the factory after the fire.

He lodged a claim for building and contents losses, and also for a vehicle. After submitting the claim, he increased 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.

The regulator declined to provide details of the fire when contacted by insuranceNEWS.com.au. It says “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Mr Davies’ authority to represent NAS was revoked in October 2017.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 against the ASIC ban to 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.