The Australian Securities and Investments Commission (ASIC) has warned people who arranged insurance policies though Maine Insurance in Guildford in central Victoria to make sure they really have insurance.

The operator of Maine, John Raymond Burton-Clay, has been accused of cheating people out of thousands of dollars by creating false policies and charging them for cover they never received

He has been ordered by ASIC to provide refunds totalling $213,430 to 79 former clients. Operating as an insurance agent and broker who primarily targeted country hotels and small businesses, Mr Burton-Clay has also been ordered by ASIC to stop providing all financial services. The regulator has urged Maine customers with concerns to contact them directly.

ASIC Deputy Executive Director Enforcement Jan Redfern says people should not trust Mr Burton-Clay and should “check their insurance company” or be “left high and dry”.