ASIC has permanently banned Mr Steven James Ker of Palmyra, Western Australia from providing financial services.

The banning follows an ASIC investigation into Mr Ker's conduct as an authorised representative dealing in general insurance financial products.

ASIC found that between 18 December 2006 and 31 December 2008, Mr Ker had engaged in dishonest conduct by repeatedly representing to clients that they had insurances policies in place when insurance policies did not exist, exposing clients to potential losses.

ASIC found that in one instance, Mr Ker paid one client a $58,894.11 insurance claim against a non-existent insurance policy. The claim was paid from a premium funding loan arranged by Mr Ker for another client that was meant, but not totally used, for the payment of insurance policies. Mr Ker represented to both clients that their insurance policies were in place.

Mr Ker has the right to lodge an application for review of ASIC's decision with the Administrative Appeals Tribunal.