ASIC bans former responsible exec for incompetence
The Australian Securities and Investments Commission (ASIC) has banned a client advisory broking services firm, State One Stockbroking employee from providing financial services for three years.
The banning came after ASIC found his conduct fell short of being deemed a competent provider of financial services.
ASIC found Nofal did not sufficient judgement and skill to meet the demands of his position at State One Stockbroking, which he held between 2006 and 2015. He was appointed the responsible executive of the firm in 2010.
While Nofal was not directly involved with compliance issues, monitoring of trading or providing advice, he was able to observe clients’ trading from access to online systems. ASIC found Nofal failed to take appropriate action in response to matters which arose at State One Stockbroking between early 2011 and January 2012 and in July 2013 in relation to suspicious trading.
Nofal’s conduct was not considered dishonest or deliberate, but has been banned due to “extremely poor judgement”.
AUTHOR
Hope William-Smith
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
