The Australian Securities and Investments Commission (ASIC) has permanently banned a former SA broker for funnelling loan funds into his own account.

ASIC found Christopher John Griggs submitted applications to Elantis Premium Funding without the authority or knowledge of named applicants, and he forged their signatures.

Approved premium loan funds were then paid into a bank account controlled by Mr Griggs, giving him a direct financial benefit of $155,002, plus commissions of $1705.

He was the sole director of Chris Griggs Insurance Offices, based in Mount Pleasant.

ASIC Deputy Chairman Peter Kell says dishonest conduct will not be tolerated.

“Consumers are entitled to expect that insurance brokers will uphold the highest standards of conduct, so as to maximise their confidence in the financial system,” he said.

“Mr Griggs’ conduct fell well and truly short of that standard.”

Mr Griggs can seek a review of the decision through the Administrative Appeals Tribunal.