ASIC has announced that it has banned Perth insurance broker Jeffrey Bailey from the financial services industry.
Bailey was a director and former Australian Financial Services licensee of Winley Insurance Group, from 6 July 2009 to 18 April 2016, and was the key person and responsible manager for Winley between 9 February 2010 and 19 May 2016.
ASIC found that Bailey was involved in breaches of legal requirements including failure to lodge audited financial accounts for FY14 and FY15 and failure to lodge a breach report with the regulator within the appropriate timeframe.
ASIC found that Bailey was an “integral factor in Winley failing to do all things necessary to ensure that the financial services covered by their licence were provided efficiently, honestly and fairly ”.
The regulator also found that Bailey was integral in Winley failing to comply with the conditions of their licence or have adequate risk management systems.
“Directors, key persons and responsible managers of licensees should have an appropriate compliance culture that supports the integrity of Australia's retail and wholesale markets,” John Price, ASIC commissioner said.
“ASIC will act to remove people from the insurance industry that fail to discharge the duties and obligations imposed upon them by the financial services laws.”
Bailey has the right to appeal to the Administrative Appeals Tribunal for a review of the regulator’s decision.
