The Australian Securities and Investments Commission (ASIC) has permanently banned insurance broker Isaac Hakim from providing financial services after clients were overcharged by more than $3 million.

Mr Hakim, of Queens Park in NSW, is the sole director of Leedam.

ASIC found that between January 2004 and August 2013, Mr Hakim used false invoices to overstate premiums charged and understate broker fees.

Leedam often charged broker fees in excess of those disclosed in its financial services guides (FSGs). It also charged fees when it had received commission from the insurer, contrary to statements in the FSGs.

The regulator says the excess fees added up to more than $3 million.

“ASIC is committed to raising conduct standards in the insurance industry,” Deputy Chairman Peter Kell said. “We will take action to remove brokers who engage in misconduct that results in overcharging of clients.”

Mr Hakim has a right to appeal to the Administrative Appeals Tribunal.