Three former builders’ warranty providers have been banned from providing any financial services, following an investigation by the Australian Securities and Investments Commission (ASIC).

James Scott faces a permanent ban while his father Anthony John Scott faces a ban of five years, both in relation to their conduct in controlling Homesafe Equities.

A third man, Gary Mepstead, has been banned for three years in relation to his role as director of Builders & Owners (B&O).

ASIC alleged Homesafe and B&O provided and distributed builders’ warranty insurance in Victoria between June 2003 and February 2004.