The Australian Securities & Investments Commission (ASIC) has banned former insurance broker Munther El-Alami for eight years from providing any financial services, controlling an entity that carries on a financial services business, or performing any function involved in carrying on a financial services business. ASIC found Mr El-Alami engaged in misleading or deceptive conduct by making misleading or false representations when submitting applications for life insurance policies on behalf of clients, and concluded there were grounds to believe he is not fit and proper, not competent to participate in the Australian financial services industry, and likely to contravene a financial services law. The ban took effect on 17 September 2025 and has been recorded on ASIC’s banned and disqualified register; he may seek review by the Administrative Review Tribunal. Mr El-Alami was an authorised representative of Alternative Media Pty Ltd from 14 September 2022 to 26 June 2023 and was employed during the misconduct period as a life insurance specialist by Advizer Pty Ltd.
Australian Securities & Investments Commission 2025-10-02
Australian Securities & Investments Commission bans former insurance broker Munther El-Alami for eight years for misleading life insurance applications
The Australian Securities & Investments Commission (ASIC) has banned former insurance broker Munther El-Alami for eight years from providing financial services due to misleading conduct in life insurance applications. ASIC determined he is unfit for the Australian financial services industry, with the ban effective from 17 September 2025 and recorded on ASIC’s banned and disqualified register. El-Alami may seek a review by the Administrative Review Tribunal.