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
Two commentators have shared why cultural alignment can be the biggest deal breaker when it comes to advice M&A and how to ensure a successful fit.
Formal education has played a large role in enhancing the advice profession over the last decade but, with the bar now so high, two advisers debate whether it is necessary to complete additional study.
With an abundance of private market options coming to market, due diligence becomes increasingly important as advisers separate the wheat from the chaff, adviser Charlie Viola has said.
The Treasury has launched a consultation into how the $47 million special levy for the Compensation Scheme of Last Resort will be funded.
