According to ASIC, Duffy was the former responsible manager of Brite Advisors, with him being found to have failed to disclose and manage actual, perceived or potential conflict of interest.
His hearing before an ASIC delegate also found Duffy’s responses in his examinations indicated a lack of integrity and honesty under section 19 of the ASIC Act.
Duffy was an authorised representative of Brite from 1 December 2020 to 30 April 2025. He also filled other roles at the organisation, including responsible manager of Brite since 13 July 2017.
In examinations of Duffy, ASIC stated his answers to relevant questions omitted his employment at AFCA indicating “a lack of integrity and honesty”. He also failed to disclose his relationship with Brite to AFCA.
ASIC explained: “In the context of financial services, to be a fit and proper person means that a person conducts themselves with honesty, integrity and sound judgement.”
Duffy has been permanently banned from:
- Providing financial services,
- Controlling, whether alone or in concert with others, an entity that carries on a financial services business, and
- Performing any function involved in the carrying on of a financial services business (including as an officer, manager, employee, contractor or in some other capacity).
Brite Advisors itself was placed into liquidation on 6 February 2024. ASIC also cancelled financial services licence of Brite Advisors on 29 April 2025.
Brite Advisory’s liquidation in the past has cost advisers $8.82 million in CSLR repayments.
Other recent ASIC actions include the cancelling of Perth-based AFSL, Eden Asset Management Pty Ltd, which ran Eden Global Natural Resources UCITS ESG Fund.
