The Australian Securities and Investments Commission (ASIC) has banned former vehicle finance and insurance broker Keith Son after it found he acted dishonestly.

VIP Fleet director Mr Son helped customers apply for finance, then arranged for loans totalling about $150,000 to be paid into a company bank account, ASIC says.

But he failed to pay the money to dealerships and instead used it for his own purposes, according to the regulator.

Mr Son, formerly of Newington in Sydney, also arranged insurance policies on vehicles and collected premium payments that were not passed to insurers, ASIC says.

Licensed financial service providers who disregarded their duties are not welcome in the industry, ASIC Deputy Chairman Peter Kell warns.

“ASIC will act to remove you from the industry if you fail to comply with financial services laws and breach consumer trust.”

VIP’s credit licence was cancelled in February. Mr Son is permanently banned from engaging in credit activities and providing financial services.

ASIC says its inquiries are continuing.