Hedley Goodridge Insurance Agencies Director Robert Ridley has given undertakings to the Australian Securities and Investments Commission (ASIC) following concerns that the company operated as a general insurance broker without being authorised.

Mr Ridley was a licensed insurance broker in Wollongong, NSW, but ASIC refused to renew his registration in July 2001 after he failed to produce scheduled audited accounts for 1998, 1999 and 2000.

An ASIC surveillance program showed the company may have continued to act as an unregistered brokerage until February last year, when it was sold to another broker.

Mr Ridley has agreed he will never be involved in the management of any business that holds an Australian financial services licence (AFSL) or is otherwise registered as an insurance broker. He has also agreed never to apply for an AFSL.