Beaumaris adviser permanently banned by ASIC

Australian Securities and Investments Commission (ASIC) has permanently banned Murray Graham Davies from providing financial services and engaging in credit activities, after filing a misleading insurance claim.

Davies, from Beaumaris, Victoria, was found by ASIC to have been dishonest and was not of good fame or character.

From October to November 2016 Davis had:

  • back-dated an insurance policy for a factory building after the building had been damaged in a fire;
  • lodged an insurance claim for the damage to the factory building and contents and for a vehicle; and
  • after lodging the insurance claim for the vehicle, added information to the vehicle insurance policy which increased its insured value.

Davies was a director of Carmel Moriah Holdings Pty Ltd, an entity that held a credit licence and a corporate representative of Community Broker Network Pty Ltd (formally known as National Adviser Services Pty Ltd) and Gold Financial Pty Ltd.

He was also an authorised representative of Community Broker Network Pty Ltd (a financial services licensee) and Gold Financial Pty Ltd (a financial services licensee).

Davies still had the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Update: ASIC had ammended their statement on 21 June to clarify Davies and Carmel Moriah Holdings Pty Ltd status as authorised representatives of Community Broker Network Pty Ltd was revoked in October 2017.

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