Timothy William Parry, Damian Garnet Price from North Coast Financial Services Pty Ltd banned by ASIC
The Securities and Investments Commission revealed the North Coast company’s sole director failed to provide $1500 worth in services to 58 clients.
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Two men from a North Coast insurance broker’s agency have been banned from the industry for six years after ASIC found they failed to provide services to more than 50 clients.
The Australian Securities and Investments Commission (ASIC) said Timothy William Parry and Damian Garnet Price of Lismore-based North Coast Financial Services Pty Ltd (NCFS) will be banned from controlling a financial services business or performing any function as an officer of an entity that carries on a financial services business for six years, after finding they breached their duties.
In a media statement, ASIC revealed they found Mr Parry and Mr Price breached their duties as director and officer respectively by failing to take sufficient steps to ensure that they fulfilled their responsibilities supervising and monitoring NCFS.
ASIC commenced an investigation into Mr Price and Mr Parry following a breach report lodged by Millennium 3 concerning fees for no service conduct by NCFS.
NCFS has been an authorised representative of Millennium 3 since 5 February 2004 and is authorised to provide financial product advice and deal in financial products.
On or around 28 May 2015, NCFS took on board new clients and ASIC found following that, neither Mr Parry nor Mr Price took sufficient steps to identify the services NCFS was required to provide to these new clients.
This resulted in 58 clients being charged more than $1500 each in fees for services that were not provided.
ASIC listed the responsibilities both Mr Price and Parry breached including:
– ensuring a satisfactory due diligence process was undertaken when purchasing NCFS’s client book
– ensuring NCFS complied with financial services laws
– ensuring NCFS and its representatives complied with the compliance manual of its licensee, Millennium 3 Financial Services Pty Ltd (Millennium 3), performed the obligations in Millennium 3’s compliance manual in a diligent and faithful manner, and complied with obligations under the law
Mr Parry was sole director and secretary of NCFS between 4 September 2008 and 15 October 2020.
Mr Price was an officer of NCFS at all relevant times.
“While they controlled the business, neither of them were financial advisers at NCFS,” the statement noted.
Mr Price’s and Mr Parry’s banning will be recorded on ASIC’s publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.
Mr Price and Mr Parry each have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.
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