The Australian Securities and Investments Commission (ASIC) has permanently banned Sydney broker Ronald Coshott from providing financial services, after finding he engaged in dishonest conduct.

Mr Coshott was director and sole responsible officer of Bondi Junction brokerage Bay Pacific (Insurance Brokers), which sold general insurance.

Between October 2010 and March last year he gave a client invoices that specified insurance was in place, when that was not the case, ASIC says.

He also falsified insurance certificates in March last year that “represented insurance was in place when there had been [none] in place since 2009”, according to the regulator.

The certificates falsely stated Bay Pacific was a Lloyd’s coverholder, ASIC says.

Mr Coshott told a client he had contacted their current insurer and been told it could no longer provide cover. “It was found the insurance company had not been the client’s insurer since their insurance was cancelled in 2009,” the regulator said.

In banning Mr Coshott, ASIC says it “found reason to believe he was not of good character”.