The Australian Securities and Investments Commission (ASIC) has permanently barred former Insurance Advisernet Australia broker Rae Morley of Coonamble in NSW from providing financial services.

Ms Morley’s disqualification follows an investigation by the regulator into her conduct from September 2004 to January 2006 while she was working for the north-west NSW office.

ASIC alleges Ms Morley engaged in dishonest and deceptive conduct in relation to home and contents insurance and motor vehicle insurance.

The regulator says during the course of her misconduct, Ms Morley misappropriated more than $4000 of client funds and issued false receipt documents.

Based on the initial report provided by Insurance Advisernet, ASIC believes the conduct involved about 12 clients.