ASIC Reports NSW Insurance Manager Banned For Two Years

LAWFUEL – The Legal Newswire – The Australian Securities and Investments Commission (ASIC) has banned Mr Martin Colebrook, of Canterbury, New South Wales, from providing financial services for two years.

Mr Colebrook was the manager of the Government and Infrastructure Division of Heath Lambert Group in New South Wales between 2001 and 2004. During this period, Mr Colebrook arranged insurance for the Sydney Water Corporation (Sydney Water) in London and Australia.

An ASIC delegate found that Mr Colebrook arranged for, and authorised, the creation and issue of invoices to Sydney Water that did not disclose that an amount for brokerage was included in premiums. The contract between the Heath Lambert Group and Sydney Water specifically disallowed the charging of any brokerage fee.

The ASIC delegate found that Mr Colebrook induced Sydney Water to deal in financial products by making or publishing statements, being the invoices relating to the supply of various insurance products, which he knew were misleading, false or deceptive.

In conclusion, ASIC found Mr Colebrook had failed to comply with the financial services law, and that there was reason to believe he would not comply with financial services laws in the future.
Mr Colebrook has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s banning order.
For further information contact:
Danielle Huck
ASIC Media Unit
Telephone: 03 9280 3407
Mobile: 0417 540 769

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