Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

ASIC bans former major bank planner

ASIC has permanently banned a former major bank senior financial planner after an investigation found he had submitted false insurance policy proposals to the bank in order to obtain benefits for himself.

ASIC’s action to permanently ban former Westpac planner Martin Hodgetts from the financial services industry is part of ASIC’s Wealth Management Project which is targeting compliance in the four major banks, Macquarie and AMP.

ASIC found Mr Hodgetts, whose job included sourcing and submitting personal insurance business for Westpac in Victoria, submitted nine false policies between May and September in 2014. The false policies contained invented details, including imaginary conversations and false signatures, and none were either requested or approved by any existing or new Westpac customer.

Further, Mr Hodgetts used the bank’s internal software system to dishonestly alter certain details of two of the false policies after they were submitted in order to avoid detection.

ASIC Deputy Chairman Peter Kell said Mr Hodgetts’ misleading and deceptive conduct was driven purely by the commissions he collected which is completely contrary to the integrity required of a person in his position.

Advertisement
Advertisement

Victoria Police have laid charges in relation to Mr Hodgetts’ conduct.

The conduct of Mr Hodgetts, who worked for the bank between August 2010 and September 2014, was reported to ASIC. Mr Hodgetts has repaid the commissions he received from the nine false policies.

 

ASIC bans former major bank planner
mortgagebusiness

Latest News

Home loan applications continue to decline, according to the latest Equifax data.  ...

The non-major bank has announced “significant” home loan growth over the financial year 2022, up more than $1 billion. ...

New Zealand’s central bank has committed to another cash hike in the face of surging inflation, tacking on an extra 50 basis points. ...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Do you think the new NSW property tax will help or hinder first home buyers?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.