On Tuesday, the corporate regulator confirmed that Timothy William Parry and Damian Garnet Price of North Coast Financial Services (NCFS) are banned from controlling a financial services business or performing any function that carries on a financial services business for six years.
ASIC found that Mr Parry – sole director and secretary of NCFS – and Mr Price – an officer of NCFS “at all relevant times” – breached their duties as director and officer respectively by failing to ensure that they fulfilled their responsibilities to implement effective supervision and monitoring arrangements and failing to ensure a satisfactory due diligence process was undertaken when purchasing NCFS’ client book.
NCFS was also found to have failed to comply with financal services laws.
It’s understood that around 28 May 2015, NCFS took on new clients with ASIC claiming that Mr Parry and Mr Price did not take “sufficient” steps to identify the services the company was required to provide their clients. This resulted in 58 clients being charged over $1,500 in fees for services that were not provided.
Mr Parry and Mr Price each have the right to appeal the decision.
Wonder what they would do if we all on mass just declined to pay there BS annual levy fees!!!!
Didn’t AMP just get convicted for fees for no service? Hasn’t the RI Advice dealership just been convicted over supervision failure. Are we expecting to see any banning orders from ASIC for the big end of town execs or is there one rule for the big and another for the small?
Meanwhile an entire division of government known as ASIC provide no relevant services to Advisers or consumers whatsoever, year after year after year, but charge millions and abuse those Advisers who try to help the public? What’s that if not a fee for no service?
Its a do what we say not what we do kind of policy for ASIC. But to be fair on them they are acting just like every other government organisation and polititian. Pander to the BIG MONEY so that when they leave ASIC will be given a comfy role on a board of diretors at one of the Banks/Investment companies.
As we all know, there is no way to hold the government or their organisations accountable. They are able to pay $30 million of tax payers money to their mates for land worth $3 million and noone gets in any criminal trouble, or even lose their jobs.
I am assuming that there must be a bit more to the story than just a FFNS issue for a banning order to be put in place? That said, it would not surprise me in the slightest if ASIC are now moving their witch hunt over to the smaller operators!
especially since they just waived prosecution for AMP’s ‘fee for no service’
Been thinking the same.. surely there is much more to this story.
Love to read some positive news one morning whereby ASIC have congratulated or applauded the efforts of company XYZ for there efforts in doing…………, you get my drift. It is just a constant punch them down approach all the time. Sad really!
agree. I remember a number of years ago reading about a planning firm writing to ASIC to get some clarity or assistance with a query and ended up being audited and fined/penalised by the corrupt regulator on the same issue it was already attempting to fix (and to make it worse, it wasn’t client detriment related). And yet they turn a blind eye to union super, big insto’s and their own corrupt ex-employees that were only outed by the Treasury!
ASIC is corrupt
Meanwhile, the big banks and AMP have a remediation bill of $2Billion and they all get to keep doing business as usual
And AMP? Oh that’s right, their the big end of town.
Shame they didn’t call themselves AMP, they would still be going.
Unless i am missing something this appears a massive over reaction????
My maths 58 x $1500 = $87,000 and they get banned? Didn’t the sllimey ex-ASIC officials who ripped off the public by getting their legal fees paid for out of tax payer coffers both individually cost us all more than that figure, and yet got to simply pay it back without any other form of life-altering penalty imposed??
Likewise, the corrupt ASIC has never properly investigated union super intrafund ‘advice fees’ spread across all members despite the majority never receiving advice, and this totals in the $millions over the years, again with no penalties…
WTF am i missing here???????
Or, as per the moniker, is it simply that ASIC IS CORRUPT?
Or the head of ASIC charging over $100k for tax advice???????? What a scam. He only had to pay it back. When the CEO of an association who’s duty is to protect the public from scams and being ripped off, ripps of the very people he is supposed to protect and get away with it then there is definitely something wrong.
And they still only require Advisers to do an ethics course. I suppose its because everyone at ASIC would fail miserably
Interesting that the banned ones are not financial advisers but employ a financial adviser who has not been banned.