WA authorised representative Steven James Ker has been permanently banned from providing financial services for dishonest conduct in relation to the placement of insurance.

An Australian Securities and Investments Commission (ASIC) investigation found Mr Ker engaged in dishonest conduct between December 18 2006 and December 31 2008 by informing clients insurance was in place when in fact it was not.

In one case, the regulator claims Mr Ker went as far as to pay a claim of $58,894.11 on a non-existing policy. He used a premium funding loan arranged for another client to fund the payment.

An ASIC spokesman told insuranceNEWS.com.au that Mr Ker was employed by a broking division of Elders at the time, and a “third party” flagged his conduct to regulators.

Mr Ker has the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal.