ASIC permanently bans former Melbourne manager
The Australian Securities and Investments Commission (ASIC) has permanently banned Melbourne former responsible manager, Anthony David Wynd, from providing financial services due to his connection to the misconduct of Financial Circle.
Wynd was the sole director and responsible manager of Financial Circle, a financial services and credit business ordered by the Federal Court to pay $8,980,000 in total penalties after contravening financial services, credit and consumer protection laws.
According to the regulator, the provision of financial services was appropriate given Wynd’s position at Financial Circle, his connection to that misconduct, the seriousness of that misconduct and the likelihood that Wynd would contravene a financial services law in the future.
ASIC said that the permanent banning took effect from 13 August 2019 and on 15 August 2019, Wynd applied to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision to permanently ban him from providing financial services.
At that time, Wynd also applied for a stay of ASIC’s decision from taking effect and a stay of ASIC issuing a media release regarding ASIC’s financial services banning decision.
However, the AAT refused Wynd’s application for a stay of ASIC’s financial services banning decision from taking effect in November, 2019.
Following this, the AAT made orders prohibiting ASIC from publishing ASIC’s decision to permanently ban Wynd from providing financial services until further order of the AAT and on 22 June 2020, the AAT made orders vacating the prohibition on ASIC publishing its financial services banning decision.
Financial Circle’s Australian financial services licence (AFSL) was cancelled on 19 November 2018.
AUTHOR
Oksana Patron
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
