The Australian Securities and Investments Commission (ASIC) has cancelled the financial services licence of Parramatta-based WD Gelle Insurance & Finance Brokers.

The regulator says the company failed to provide its services honestly and efficiently. It had received client funds and not forwarded them in full to insurers.

“In addition, ASIC found there were shortfalls between the amounts received from customers and the amounts that should have been held in trust by the company on behalf of those customers.”

The regulator says investigations are continuing.

Last July Vero applied for a winding up order against WD Gelle, but this was withdrawn in October after a hearing in the ACT Supreme Court.

Those proceedings were dismissed when $8708 paid into the court by WD Gelle was passed to Vero.