SEARCH

Financial services director and officer cop 6-year bans

ASIC has banned a director and an officer of a Lismore-based company from providing financial services.

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.

Advertisement
Advertisement

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.

Financial services director and officer cop 6-year bans
default
ifa logo

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.