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Sydney advisers banned by ASIC

ASIC has banned two Sydney men from providing financial services for six years following an ASIC investigation.

Jeffrey Worboys and Matthew Barnett were until February last year joint chief executives of Australian Mutual Holdings Limited, which was an AFSL holder and responsible entity operating a number of managed investment schemes.

One such scheme run by the duo was the Courtenay House Capital Investment Fund, which ASIC found them to not have exercised the degree of care and diligence required to establish the fund.

ASIC found that the two executives failed to act in the best interest of the members of the fund, including a failure to ensure that the persons responsible for trading funds had the requisite qualifications and experience to manage a foreign exchange and derivatives fund.

Mr Worboys and Mr Barnett were found to not be relied upon to discharge the duties and obligations imposed on a provider of financial services and were likely to contravene a financial services law.

The duo have been banned for six years and have the right to appeal for a review of the decision.