The Irish Brokers' Association (IBA) has expelled the Cork-based broker Mr Andrew Casey, who trades as Andrew Casey Life & Pensions, following allegations that certain funds placed with him by investors were missing.

The decision, which takes effect immediately, was made at a disciplinary hearing of the IBA council yesterday. Mr Casey had twice previously failed to turn up for disciplinary hearings, telling the IBA he was too ill to attend.

The IBA suspended his membership and gave him until yesterday to respond to the allegations against him. However, a spokesman for the association said he had again failed to respond by the deadline and a decision had been taken to expel him. Mr Casey could not be reached for comment yesterday.

A spokeswoman for the Department of Enterprise, Trade and Employment, which regulates the insurance sector, said, now that Mr Casey had been expelled, it would seek details of the IBA disciplinary hearings and would review the matter on foot of that.

Mr Casey is already under investigation by the Garda Bureau of Fraud Investigation while the Central Bank appointed an authorised officer to make a determination under the Investor Compensation Act more than a week ago.

The Act, which was introduced last year, established the Irish Compensation Company to compensate eligible investors where funds are misappropriated. The Central Bank officer's task is to determine whether Mr Casey can meet his debts or whether clients have a case to claim compensation.

The allegations against Mr Casey first came to light in July after a couple became concerned about a £28,500 sum they believed they had invested in Irish Life through the broker. They secured an injunction against Mr Casey in Cork Circuit Court after Irish Life confirmed it had no record of the funds. The company has since cancelled its agency with Mr Casey.

The Garda is also investigating a complaint by another couple, who had entrusted £150,000 to Mr Casey for investment and became concerned after learning of the injunction against him.

On foot of the complaint, members of the Garda Bureau of Fraud Investigation have searched the broker's Patrick Street premises in Cork and have seized documents. They are understood to be working with a view to preparing a file for the Director of Public Prosecutions.

A further six clients of Mr Casey, who is believed to be in Cork still, have contacted the Garda fraud bureau about investments totalling almost £100,000.

Some of the complaints are understood to date back to the earlier part of this decade.