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
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
