ASIC bans ex-Spaceship CEO
Former Spaceship Capital director and chief executive, Paul Kevin Bennetts, has been banned by the corporate regulator from providing financial services for six years for dishonestly obtaining his Australian Institute of Company Directors (AICD) qualification.
The Australian Securities and Investments Commission (ASIC) said in October 2018, Bennetts asked a Spaceship Capital compliance officer to complete his assessments for an AICD course on his behalf and without his involvement.
ASIC found this was serious misconduct when he held a very senior position in a financial services company and that his actions placed a subordinate staff member in a very difficult position and constituted a misuse of Spaceship Capital’s resources for his personal gain.
Bennetts was a director and responsible manager of Spaceship Capital and the company’s CEO between 2017 and 2019. Spaceship Capital operates managed investment schemes and is the promoter of the Spaceship Super Fund.
ASIC noted that while Bennetts accepted he acted dishonestly and expressed remorse, he engaged in wrongful conduct and failed to maintain the higher standards expected of a financial services provider.
Recommended for you
The popularity of ETFs, which are approaching $200 billion in Australia, is a potential threat to the advice landscape if consumers opt to invest directly, according to this senior partner.
A former AMP financial adviser has urged advisers in the BOLR class action against AMP to object to the “unfair and unreasonable” $100 million settlement sum as the objection deadline approaches on 22 May.
Two Victoria-based financial advice practices have merged and rebranded as Forbes Fava Saville Financial Planning, as the firm realises the benefits of added scale.
The Financial Services and Credit Panel has made its latest ruling over a case involving an incorrect Statement of Advice.