ASIC permanently bans former South Australian director

The Australian Securities and Investments Commission (ASIC) announced it has permanently banned a former South Australian company director from providing financial services after he dishonestly obtained more than $400,000 from clients over a two-year period.

The action against Craig John Horsell, of Adelaide, follows an ASIC investigation into his time as an employee and a director of insurance businesses Horsell International Pty Ltd and PSC Horsell Insurance Brokers Pty Ltd between 22 January 2007 and 23 July 2010.

ASIC's investigation found that between 7 September 2007 and 4 May 2010 Mr Horsell acted dishonestly and in breach of financial services laws when he authorised the transfers of 72 insurance premium payments from clients totalling $409,635.24 into his bank account but did not purchase the insurance products as requested by the clients.

Mr Horsell's actions could have had a detrimental impact on a client if an event giving rise to a loss had occurred while they were uninsured.

ASIC banned Mr Horsell in order to protect the public, deter similar conduct and maintain consumer confidence in the financial services sector.