The former national claims manager of a Melbourne underwriting agency has been permanently banned from providing financial services after he was found to have fraudulently obtained more than $1.2 million.

The Australian Securities and Investments Commission (ASIC) says its investigations established that Travers David Loy made 38 false claims against his employer, ATC Insurance Solutions. 

The claims enabled him to receive fraudulent payments totalling $1,224,936 between June 17 2010 and May 22 last year.

In May last year ATC submitted a breach report to ASIC when it discovered the fake claims. Mr Loy resigned the following month.

The misappropriated funds were sourced from trust accounts held by ATC.

ASIC says $967,221 was directed to Mr Loy’s bank accounts, including his now-closed café in Collingwood and “other people associated with him”. 

The regulator says it believes Mr Loy is “not of good fame or character”.