On Friday, ASIC announced that it has cancelled the AFSL of Parramatta-based WD Gelle Insurance & Finance Brokers.
"The company's AFS licence was cancelled after ASIC found that it had failed to comply with its AFS licence obligations to provide its services honestly and efficiently," the statement said.
"In particular, ASIC found that the company received client funds and failed to forward them, in full, on to insurers. In addition, ASIC found there were shortfalls between the amounts received from customers and the amounts which should have been held in trust by the company on behalf of those customers."
The company had a winding-up notice filed against it in July 2013 by Vero Insurance, but it was withdrawn in October 2013.
According to ASIC records, WD Gelle briefly entered and then swiftly exited receivership in August 2011.
A winding-up application was also filed against the company in September 2012 but was withdrawn the following month.
ASIC’s investigation is continuing.
