ASIC makes second Spaceship Capital ban
Spaceship Capital director and chairman, Paul Ernest Dortkamp, has been banned from performing functions as an officer and responsible manager of a financial services business for two years.
The Australian Securities and Investments Commission (ASIC) found Dortkamp, of Caringbah South, NSW, failed to understand the financial services offered by Spaceship under its licence.
Spaceship was the promoter of the Spaceship Super Fund which is issued by Diversa Trustees Limited as trustee of the Tidswell Master Superannuation Plan.
Specifically, in late 2018 and early 2019, Dortkamp failed to take the necessary steps in relation to a fault in Spaceship Super Fund’s consumer onboarding system in a timely way. The fault resulted in an unknown number of members being assigned to the incorrect superannuation product.
This was because he had incorrectly concluded it was not Spaceship’s responsibility nor his responsibility to deal with the fault, ASIC said this was a “fundamental oversight” for someone in his position.
As a result, ASIC decided he was not competent to perform functions as an officer or responsible manager of a financial services business.
He had the right to appeal to the Administrative Appeals Tribunal.
This was the second banning for Spaceship after former chief executive, Paul Kevin Bennetts, was banned for six years in January for dishonestly obtaining his Australian Institute of Company Directors qualification.
AUTHOR
Laura Dew
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
