The Australian Securities and Investments Commission (ASIC) has permanently banned a Perth-based insurance broker for misleading and deceptive conduct.

From June 2013 to October 2014, Haydn Reimers fabricated builders’ warranty insurance certificates and failed to obtain policies for four clients.

As a result, some clients were at risk of breaching residential building contracts and contravening the Home Building Contracts Act. 

One risked being fined up to $70,000 by WorkCover WA and paying $4367 for avoidance of an insurance premium, despite paying it through Mr Reimers.

ASIC Commissioner John Price says individuals working for licensed insurance intermediaries hold a position of trust.

“ASIC will not tolerate this type of behaviour,” he said. “Those who engage in misleading and deceptive conduct will be removed from the industry.”

The regulator found reason to believe Mr Reimers, who can appeal to the Administrative Appeals Tribunal, “was not of good fame or character”.