The financial services regulator has announced a ban on former insurance broker Munther El-Alami for a period of eight years. El-Alami, who was an authorised representative of Alternative Media and employed by a firm called Advizer, is alleged to have engaged in misleading conduct by making false representations when submitting applications for life insurance policies on behalf of clients.
The Australian Securities and Investments Commission (ASIC) media release said El-Alami is banned from providing any financial services, controlling an entity that carries on a financial services business “and performing any function involved in the carrying on of a financial services business.”
The release said “ASIC also found it had reason to believe that Mr El-Alami is not a fit and proper person, is not competent to participate in the Australian financial services industry and is likely to contravene a financial services law.”
The banning is recorded on ASIC's banned and disqualified register. No further details were provided.
