The Australian Securities and Investments Commission (ASIC) has disqualified a Melbourne insurance broker from providing financial services for five years.

Collingwood-based Dennis Gentry was banned after ASIC found he had not complied with financial services requirements and there was no reason to believe he would comply in future.

It alleges Mr Gentry engaged in dishonest and misleading conduct from June 2003 until September 2004 in relation to the issue of builders’ warranty insurance from NZ-based insurer Contractors Bonding (CBL).

ASIC said it determined Mr Gentry issued false certificates of insurance to clients Tenth Zital, Emval and Como Constructions without the consent of CBL. The companies undertook building projects under the assumption the certificates were valid and afforded insurance protection.

Mr Gentry also held $14,135 in trust for Tenth Zital to be paid to CBL but used the funds for other purposes.