ASIC’s action against Mr Aloisi follows its investigation into allegations of misconduct during his employment as an authorised representative with AMP Financial Planning Pty Limited from 1 January 2004 to 5 August 2009 and AMP GI Distribution Pty Limited from 1 January 2004 to 7 August 2009.

ASIC found that between January 2007 and 4 August 2009, Mr Aloisi failed to comply with financial services laws by:

• engaging in dishonest conduct by submitting or causing to be submitted to AMP Life Limited (AMP Life), approximately 55 applications for life insurance and/or income protection insurance which were in the names of clients who were either not genuine, or in the name of individuals where there was no genuine intention to effect the insurance policies

• engaging in misleading or deceptive conduct by submitting or causing the applications to be submitted which resulted in the payment by AMP Life of commission of approximately $700,000 which he then used for his own purposes.

AMP Life has recovered all the commission dishonestly obtained by Mr Aloisi. No clients of AMP suffered any loss as a result of Mr Aloisi’s conduct.

ASIC’s banning of Mr Aloisi reinforces the Commission’s commitment to assisting and protecting retail investors and financial consumers.

ASIC acknowledges the assistance of AMP during its investigation. Mr Aloisi’s conduct was brought to ASIC’s attention by AMP Financial Planning.

Mr Aloisi has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.

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