Former Ausure broker banned

A former insurance broker and Ausure authorised representative (AR) is now permanently banned from providing any financial services. In a media release, the Australian Securities and Investments Commission (ASIC) said Sydney based Justin Edward Hampshire is expected to face criminal charges in a Newcastle court following an investigation by the NSW Police.

“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,” said the release.

The regulator found that Hampshire directed his clients to pay insurance premiums into his business account when the money should have been paid into Ausure’s trust account. He’s alleged to have stolen $41,000 from four clients.

ASIC said the “dishonest conduct” occurred between 2015 and 2019 when Hampshire was an Ausure AR and sole director and shareholder of a firm called Balanced Risk.

The case is being prosecuted by the NSW Office of the Director of Public Prosecutions. Hampshire has the right to appeal to the Administrative Appeals Tribunal.

The release said Hampshire’s banning is recorded on ASIC’s banned and disqualified register.