Post: ASIC permanently bans former insurance broker

ASIC has permanently banned former insurance broker Justin Edward Hampshire, of Sydney, New South Wales, from providing any financial services and being involved in carrying on such a business.

ASIC found that between November 2015 and April 2019, Mr Hampshire engaged in dishonest conduct in relation to a financial product or service whilst acting in his capacity as an authorised representative of Ausure Pty Ltd and as sole director and shareholder of Balanced Risk Pty Ltd, a corporate authorised representative of Ausure.

ASIC found that during the period, Mr Hampshire incorrectly directed his clients to pay their insurance premiums into a business account he controlled when the money should have been paid straight into Ausure’s trust account. Mr Hampshire misappropriated $41,000 of four of his clients’ insurance premiums for his own benefit.

In banning Mr Hampshire, ASIC found that he is not a fit and proper person to provide financial services, control an entity that carries on a financial services business, or perform any function involved in the carrying on of a financial services business, and is likely to contravene a financial services law.

Mr Hampshire is currently facing criminal charges for fraud related offences which is being prosecuted by the New South Wales Office of the Director of Public Prosecutions after an investigation by the New South Wales Police. ASIC understands the charges are listed for trial in Newcastle in the week of 4 September 2023.

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