The Australian Securities and Investments Commission (ASIC) has permanently barred South Australian insurance agent Dominic Romeo from providing any financial service. It alleges Mr Romeo arranged insurance contracts under the name Arkaba Insurances while not holding a financial services licence.

ASIC says he received premiums from clients and didn’t pass them on to his principal or didn’t arrange the contract.

After his role as an agent was terminated earlier this year, he continued to seek premiums from clients with no intention of passing them on.

ASIC previously obtained orders by consent against Mr Romeo in the Federal Court, requiring him to pay damages totalling more than $37,000 to former clients.