Former authorised representative Richard Pusey has been banned by the corporate regulator from financial services and credit for 10 years.
Pusey was a former authorised representative able to provide general financial product advice and the banning took effect on 6 August, 2021, however he was still in prison for other charges related to assault and harassment.
Pusey was a director of IKnow which held a credit licence between 2011 and 2015 and ISwitchNow which held a credit licence between 2015 and 2019.
IKnow (from 2005) and Pusey (from 2013) were also authorised to provide general financial product advice as authorised representatives of Australian Life Insurance Distribution.
The Australian Securities and Investments Commission (ASIC) was satisfied that Pusey:
- Provided seven false statements to ASIC in a number of credit licence applications and annual compliance statements between 2011 and 2017;
- Lacked the attributes of good character, honesty, and judgement;
- Had no regard for the law;
- Could not be relied upon to comply with directions issued from authorities;
- Was likely to contravene credit legislation and financial services legislation; and
- Was not a fit and proper person to participate in the financial services and credit industries.
ASIC banned Pusey from providing financial services and engaging in credit activities, controlling a financial services or credit business, and performing any function in relation to carrying on a financial services or credit business for a period of 10 years.
Last year, Pusey made headlines for filming and mocking police officers dying at the scene of a crash after he was pulled over for speeding.