Agent submitted 50 unique applications listing herself as payor.

Administrative penalty totalling $15,000 levied for misleading insurers.

Dealing representative terminated after forms discovered during daily trade reviews.

No evidence of client complaint, loss, or lack of authorization identified, says regulator.

Regulator says there is no evidence of financial loss by clients or any other individuals.

The tool, presented as a “groundbreaking approach”, will be accessible in January 2024.

Made arrangements with friends and family and used personal funds to complete client deposits.