A former chief executive of an Australian Financial Services Licensee has lost an appeal against the banning order ASIC handed down against him in August 2012.
In the Administrative Appeal Tribunal judgment handed down this week, Senior Member Egon Fice upheld the corporate regulator’s decision to ban David Hickie, former director of AFSL Lion Advantage, which provided investment management services, especially property managed investment schemes.
“In my opinion, Mr Hickie displayed a serious disregard for the financial services law. In his case, a banning order is appropriate,” the judgement said.
One of the reasons cited in the decision was Mr Hickie’s failure to maintain professional indemnity insurance, with Senior Member Fice scathing of Mr Hickie on this point.
“In my opinion, Mr Hickie’s explanation for Lion’s failure to maintain professional indemnity insurance at all times was unsatisfactory.”
ASIC banned Mr Hickie from providing financial services for two years in 2012 after being found to be without adequate PI cover and in breach of financial reporting obligations.
More to come.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 17 Oct 2017Shipton ‘most qualified’ for ASIC role: O’DwyerBy Aleks Vickovich and Jessica Yun
- 17 Oct 2017Government names new ASIC chairBy Staff Reporter
- 17 Oct 2017Elders signs new practiceBy Staff Reporter
- 17 Oct 2017ANZ to offload dealer groups to IOOFBy Killian Plastow
- 16 Oct 2017ATO anti-adviser bias called outBy Aleks Vickovich
- 16 Oct 2017Sentinel Private Wealth enters enforceable undertakingBy Staff Reporter
- view all