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14-147MR ASIC permanently bans Victorian insurance broker

Wednesday 2 July 2014

ASIC has permanently banned Mr Christopher Anthony Vassallo of Essendon, Victoria from providing financial services after an investigation found he had engaged in dishonest conduct and was not of good fame or character for the purpose of providing financial services.

Mr Vassallo was an authorised representative of the Salisbury Group Pty Ltd (AFS Representative number 225379) from the period 2 May 2011 to 10 April 2013 and the sole director and secretary of Australian Life Insurance Services Pty Ltd (AFS Representative Number 404055) (ALIS) from 6 March 2012 to date.

ASIC’s investigation found that between 1 April 2011 and 31 October 2012, Mr Vassallo impersonated a number of Australian Life Insurance Group (ALI Group) policy holders in order to obtain policy information and cancel existing polices after the policy holders had inadvertently contacted ALIS instead of the ALI Group. ALI Group is not in any way related to ALIS.

ASIC found that Mr Vassallo had:

ASIC Deputy Chairman Peter Kell said, ‘Mr Vassallo’s conduct was a serious breach of trust that does not meet the standards required of people operating financial services. ASIC believes it is appropriate that he be permanently removed from the industry.’

Mr Vassallo has applied to the Administrative Appeals Tribunal for a review of ASIC’s decision.

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