An insurance brokerage's licence has been cancelled after it failed to comply with its obligations and failed to forward on client funds to insurers.
ASIC has cancelled the Australian financial services (AFS) licence of Parramatta-based insurance broker, WD Gelle Insurance & Finance Brokers Pty Ltd.
The company's AFS licence was cancelled after ASIC found that it had failed to comply with its AFS licence obligations to provide its services honestly and efficiently.
In particular, ASIC found that the company received client funds and failed to forward them, in full, on to insurers. In addition, ASIC found there were shortfalls between the amounts received from customers and the amounts which should have been held in trust by the company on behalf of those customers.
WD Gelle Insurance & Finance Brokers Pty Ltd has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
ASIC's investigations are continuing.
