ASIC has permanently banned Sydney insurance broker, Mr Ronald Coshott, from providing financial services after an investigation found he engaged in dishonest conduct.
Mr Coshott, of Edgecliff, New South Wales, was the director and sole responsible officer of Bay Pacific (Insurance Brokers) Pty Ltd ("Bay Pacific").
ASIC’s investigation found Mr Coshott engaged in dishonest conduct between 15 October 2010 to 28 March 2012 by:
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providing invoices to a client that specified insurance was in place when this was not the case
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emailing falsified insurance certificates to a client in March 2012 which represented insurance was in place when there had been no insurance in place since 2009
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including information in the falsified insurance certificates stating that Bay Pacific was a Lloyds of London cover holder when this was not the case; and
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representing to a client that he had contacted their current insurers who advised they were no longer able to provide insurance. It was found the insurance company had not been the client's insurer since their insurance was cancelled in 2009.
In permanently banning Mr Coshott, ASIC found reason to believe he was not of good character.
Mr Coshott has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Background
Under its Australian financial services licence, Bay Pacific provided insurance broking services and advice in relation to general insurance products.
Editor's note 1:
On 3 May 2013 Mr Coshott lodged an application for a review of ASIC's banning decision in the Administrative Appeals Tribunal. The matter is down for hearing from 24 to 27 March 2014.
Editor's note 2:
The matter was heard from 24 to 27 March 2014. A further hearing has been set down for 15 May 2014.
Editor's note 3:
The matter was heard on 15 May 2014. Judgment was reserved.
Editor's note 4:
On 17 September 2014, the AAT affirmed ASIC's decision to ban Mr Coshott from providing financial services permanently. In coming to its decision, the AAT found that Mr Coshott was not of good fame and character on the basis that he engaged in dishonest conduct, was involved in the contravention of a financial services law by Bay Pacific and personally contravened a financial services law.