ASIC bans Richard Pusey for 10 years

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.

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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.




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good BAN, the guy is a total scumbag.

OK, perhaps you are correct on you assessment about the guy, but the reasons listed by ASIC should make you focus - if someone in ASIC felt the same way about you, it would potentially be very easy to ban you for 10 years.

What a ludicrous comment!
Sound decision by ASIC here with the valid reasons for it clearly articulated.

My point Cal is one could say the following about anyone, even you. I am not defending the guy.
-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.

The point is though they have evidence that he:
-Lacked 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.

If they had the same evidence against you or anyone else then they should ban them too. We're not talking about them just making up these points for fun just to ban someone.

It's not just ASIC making judgements on Pusey. The Victorian Criminal Courts have had their say on this character. He has no place even attempting to be a trusted adviser. Only a few days ago, media were reporting Police were once again called to his home.

Pusey was primarily a mortgage broker, operating under his own company's credit licence. However it appears he was also providing "general" insurance advice as an AR of another AFSL holder.

This is commonplace in mortgage broking. And it is a common scam. Mortgage brokers have to collect full details of a client's situation in order to provide mortgage advice. When they then "suggest" life and disability insurance, the client has every reason to believe they have taken their personal situation into account and are making an insurance recommendation on that basis. It is therefore personal advice, not general advice. In many cases naive clients are also led to believe that purchasing insurance is necessary to get their loan.

While pure mortgage broking regulation has been significantly tightened in recent years, the unregulated sale of non credit financial products by mortgage brokers has been largely ignored by ASIC. If mortgage brokers are allowed to do this, it is only right that they be subject to the same licensing, education, exam, and code of ethics as financial advisers.

Financial advisers better not have funded this action via the ASIC adviser levy...

Exactly what I was thinking.

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