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ASIC has banned a Sydney-based CPA from providing any financial services until May 2018.
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Accountant banned from providing financial services
24 July 2015
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Andrew Jeffers, CPA, was banned after ASIC found GTL Trade Up Pty Ltd, a company of which Mr Jeffers was a director, issued three product disclosure statements between March 2012 and March 2013 which included statements that were materially false or misleading.
According to ASIC, GTL was issued with an Australian Financial Services Licence in January 2011 to carry on a financial services business to deal in and advise on a range of financial products.
While Mr Jeffers was a director, GTL issued the three PDSs which, according to ASIC, included statements that did not represent the true trading position undertaken by GTL.
Liquidators were appointed to GTL on 26 September 2013 after DMCC failed to make funds available to GTL to meet client withdrawals. At the time, GTL was owed about $4.35 million by DMCC. GTL owed about $4.4 million to its retail clients.
Mr Jeffers has made an application to the Administrative Appeals Tribunal for a review of ASIC's decision.
Meanwhile, Assistant Treasurer Josh Frydenberg has announced the federal government has commissioned a review to look into the capabilities of the corporate regulator.
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Announcing the review this morning, Mr Frydenberg said the capability review will ensure that the regulator has the “appropriate governance, capabilities and systems” to meet regulatory challenges.
Mr Frydenberg added that the review forms part of the government’s response to the Financial System Inquiry, which recommended periodic reviews of the capabilities of financial regulators.
The review committee will be chaired by a commissioner of the productivity commission, Karen Chester, former chief executive of the Queensland Treasury Mark Gray and Madgwicks Lawyers partner David Galbally.
“The expert panel will be supported by a team of public and private sector personnel, and will provide a final report to Government by the end of 2015,” Mr Frydenberg said.
“In undertaking the review, the expert panel will consult extensively with private sector businesses regulated by ASIC, peak bodies, regional and consumer representatives and other stakeholders.”
The review of ASIC is to be completed by the end of 2015.
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