The Australian Securities and Investments Commission (ASIC) has banned insurance broker Warren Gelle, director of WD Gelle Insurance & Finance Brokers, for three years.

The regulator cancelled his licence last April after finding the Sydney company had not forwarded client premiums to insurers and there were shortfalls between the amounts received from clients and funds that should have been held in trust.

ASIC Deputy Chairman Peter Kell says Mr Gelle was the responsible manager and accountable for ensuring the company complied with its obligations.

“ASIC’s banning of Mr Gelle should serve as a clear message that oversight of compliance failures will result in removal from the financial services industry,” Mr Kell said.

See earlier story