A Victorian insurance agent is facing a lifetime ban from providing financial services after the Australian Securities and Investments Commission (ASIC) found he acted dishonestly and deceptively.

Terence Howell, of Geelong North, worked with CGU Insurance and Insurance Solutions Geelong between February 2004 and August last year. ASIC alleges he used about $38,000 in client insurance premiums for his own purposes.

He also failed to forward a further $76,498 to an insurer within the required time. The funds were not held in CGU’s prescribed trust account.

The banning is an administrative decision and Mr Howell is able to take the matter to the Administrative Appeals Tribunal if he wishes. ASIC says it has not ruled out further action, including criminal charges, against Mr Howell.