Friday 8 September 2006 06 – LAWFUEL – Australia Law News – The Australian Securities and Investments Commission (ASIC) has permanently banned Ms Rae Frances Morley of Connamble in New South Wales, from providing financial services. Ms Morley’s banning follows an investigation by ASIC into her conduct during her employment with Insurance Advisernet Australia Pty Ltd, an insurance broker based in north-west New South Wales between September 2004 and January 2006.
This investigation found Ms Morley had engaged in dishonest and deceptive conduct in relation to home and contents and motor vehicle insurance. During the course of her misconduct, ASIC alleged Ms Morley misappropriated over $4,000 of client funds and issued false receipt documents.
Based on the initial report provided by the licensee, Insurance Advisernet Australia, ASIC believes the conduct involved approximately 12 clients. ASIC banned Ms Morley after finding that she had not complied with financial services laws and that there was reason to believe she would not comply in the future. Ms Morley has the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal. For further information contact: Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310
