ASIC has permanently banned Sydney-based adviser Vince Aloisi from providing financial services.
The regulator's action against Aloisi follows its investigation into allegations of misconduct during his employment as an authorised representative with AMP Financial Planning and AMP GI Distribution.
ASIC found that between January 2007 and August 2009, Aloisi engaged in dishonest conduct by submitting, or causing to be submitted to AMP Life, around 55 applications for life insurance and/or income protection insurance, which were in the names of clients who were either not genuine, or in the name of individuals where there was no genuine intention to effect the insurance policies.
ASIC's investigations also found Aloisi engaged in misleading or deceptive conduct by submitting or causing the applications to be submitted which resulted in the payment by AMP Life of around $700,000 in commissions which he then used for his own purposes.
AMP Life has recovered all the commissions dishonestly obtained by Aloisi. ASIC said no clients of AMP suffered any loss as a result of Aloisi's conduct.
The regulator said Aloisi's conduct was brought to its attention by AMP Financial Planning and acknowledged the assistance of AMP during the investigation.
Aloisi has the right to apply to the Administrative Appeals Tribunal for a review of ASIC's decision.
