A former major bank financial planner has been permanently banned from the industry after ASIC discovered he had submitted false insurance policy proposals.
ASIC’s action to permanently ban Martin Hodgetts, a former Westpac senior financial planner is part of the regulator’s Wealth Management Project, which is targeting compliance in the four major banks, Macquarie
Hodgetts was responsible for sourcing and submitting personal insurance business for Westpac in Victoria, however ASIC found he 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, 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 Hodgetts’ dishonest behaviour was motivated by commission.
“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,” he said.
Victoria Police have also laid charges in relation to Hodgetts’ conduct.