A Melbourne broker has received a lifetime ban from providing financial services after allegedly lodging a false loan application and creating false insurance invoices.

The Australian Securities and Investments Commission (ASIC) says Adam Browning, who worked for Allfreight Insurance Brokers, was found to have engaged in dishonest and deceptive conduct over arrangements for home and contents insurance, motor insurance and public liability insurance.

“During the course of his misconduct, Mr Browning lodged a false loan application, created false insurance invoices, misled clients as to the details of their insurance policy, and misappropriated funds intended for the payment of insurance premiums.”

Information supplied by Allfreight led ASIC to believe about 12 clients were affected. The regulator says Mr Browning intentionally disregarded Australia’s financial services laws and was unlikely to obey them in future.

“Mr Browning has demonstrated that he is not fit to work in the financial services industry, having misled innocent consumers and deceived his employer,” Deputy Executive Director of Enforcement Allen Turton said. “ASIC will not hesitate to remove such people, permanently, from the insurance industry.”

Sunrise Exchange News understands Mr Browning has the chance to appeal the decision.