The Australian Securities and Investments Commission (ASIC) has permanently banned Clare Tracey, a former general insurance agent in the NSW town of Mudgee, from providing financial services. Ms Tracey pleaded guilty in Parramatta Local Court to 20 counts of obtaining money by deception and was sentenced to 250 hours’ community service.

The charges related to her handling of clients’ insurance premiums. Ms Tracy held an agency agreement with Insurance Advisernet Australia from June 2002 until November 2003, when the agreement was terminated. She traded under the company name of Loudflower.

Insurance Advisernet notified ASIC of Ms Tracy’s arrest and assisted ASIC with its inquiries.