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Wealth director and officer hit with 6-year ban

ASIC
Tony Zhang
03 August 2021 — 1 minute read

ASIC has banned two financial advisers for six years for breaching their compliance duty.

ASIC has banned Timothy William Parry and Damian Garnet Price of Lismore-based North Coast Financial Services (NCFS) 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.

“ASIC found that 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 by implementing effective supervision and monitoring arrangements at NCFS and satisfactory due diligence process was undertaken when purchasing NCFS’s client book,” ASIC said.

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“NCFS also failed to take sufficient steps to ensure it complied with financial services laws, and the firm and its representatives complied with the compliance manual of its licensee.”

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.

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. 

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.

On or around 28 May 2015, NCFS took on board new clients. ASIC found neither Mr Parry nor Mr Price took sufficient steps to identify the services NCFS was required to provide to these new clients, resulting in 58 clients being charged over $1,500 each in fees for services that were not provided. 

Mr Price and Mr Parry each have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.

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.

Wealth director and officer hit with 6-year ban
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