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ASIC bans Victorian adviser

ASIC has banned Scott Logan of Torquay, Victoria from providing financial services for seven years.

An investigation by the regulator found Mr Logan breached numerous financial services laws as a director and sole employee of Shore Capital Pty Ltd.

"ASIC's investigation found that between April 2011 and June 2013, Shore Capital, trading as Coast Capital, traded in contracts for difference on behalf of retail clients when it was not authorised to do so," ASIC said.

"Shore Capital initially traded on behalf of retail clients without holding an Australian financial services licence," it said.

"It later traded on behalf of retail clients when it held an AFS licence for the provision of services to wholesale customers only," ASIC said.

Mr Logan made numerous false or misleading representations to Shore Capital clients as Shore Capital's authorisation to provide financial services, and the fees charged by Shore Capital.

ASIC deputy chairman Peter Kell said, 'The investing public needs to be able to trust those who provide financial services. ASIC will act to ensure those who behave without regard to their obligations to their clients will be removed from the financial services industry.'


Shore Capital's AFS licence was cancelled on 16 October 2014 as it no longer operates a financial services business.

Mr Logan and Shore Capital have a right of appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.