A former broker banned by the Australian Securities and Investments Commission (ASIC) over misappropriating premiums is set to face court on fraud charges later this year.

A directions hearing on the charges of dishonestly facing financial advantage by deception is scheduled for July 6 in the Newcastle District Court, ahead of an expected trial in September.

ASIC found that Justin Edward Hampshire of Sydney engaged in dishonest conduct between November 2015 and April 2019 while acting in his capacity as an authorised representative (AR) of Ausure Pty Ltd and as a sole director and shareholder of Balanced Risk Pty Ltd, a corporate AR of Ausure.

The regulator says Mr Hampshire incorrectly directed four clients to pay premiums totalling $41,000 into a business account he controlled when the money should have been paid straight into Ausure’s trust account.

ASIC found Mr Hampshire is not a fit and proper person to provide financial services, control an entity that carries on a financial services business, or perform any function involved in the carrying on of a financial services business, and is likely to contravene a financial services law.

Mr Hampshire has the right to appeal to the Administrative Appeals Tribunal for a review of the decision.

Ausure MD Troy Brown says as the matter is before the NSW courts the firm is not able to comment further.

“A long period of time has elapsed since we reported the matter and we are pleased to hear the banning order has been issued by ASIC,” he told insuranceNEWS.com.au.