ASIC has banned Protection & Collection’s (P&C) sole director, Tracey Burnell, from providing financial services for three years following an investigation.
Burnell had been providing financial services on behalf of P&C between July 2009 and January 2011 without having the licence to do so, the regulator said in a statement.
The investigation found that Burnell was providing various financial services including financial products concerned with landlord protection insurance on behalf of P&C.
Burnell said she would exercise her right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
“This is an outrageous and unfair decision. P&C never held an Australian financial services licence and we did not need one as we were marketing the insurance product on behalf of Qsure Insurance Brokers who did have one,” she said.
“We had a verbal and then eventually a written agreement with Qsure to market that product. Qsure would not provide the marketing fee that P&C wanted and the relationship eventually broke down,” Burnell said.
ASIC also announced on Friday it had banned Ian Weaver from providing financial services for five years.
After an investigation, ASIC found that Weaver “breached provisions of the Corporations Act by providing financial advice to certain clients” between September 2004 and March 2007 “without having a reasonable basis for the advice” and “without providing statements of advice that complied with the requirements under the Corporations Act”.
He was also found by ASIC to have made “false and misleading statements and to have engaged in misleading and deceptive conduct in the course of providing his advice”.
Weaver was an authorised representative of Enhance Capital between January and December 2004 and The Salisbury Group from December 2004 to June 2010.
