Regulatory Alerts2025-10-02
ASIC bans former insurance broker Munther El-Alami for eight years
The Australian Securities and Investments Commission has banned former insurance broker Munther El-Alami from providing financial services for eight years, effective 17 September 2025. ASIC determined that El-Alami engaged in misleading conduct by submitting false life insurance applications and is not a fit and proper person to participate in the industry. El-Alami retains the right to appeal this decision to the Administrative Review Tribunal.
ASIC has banned Mr Munther El-Alami for a period of eight years 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.
ASIC found that Mr El-Alami did not comply with a financial services law by engaging in misleading or deceptive conduct by making misleading or false representations when submitting applications for life insurance policies on behalf of clients. 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 took effect from 17 September 2025 and has been recorded on ASIC's banned and disqualified register .
Mr El-Alami has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
Background
Mr El-Alami was an authorised representative of Alternative Media Pty Ltd from 14 September 2022 until 26 June 2023. During the period of misconduct, Mr El-Alami was employed as a life insurance specialist by Advizer Pty Ltd.