Financial services director and officer cop 6-year bans

On Tuesday, the corporate regulator confirmed that Timothy William Parry and Damian Garnet Price of North Coast Financial Services (NCFS) are banned from controlling a financial services business or performing any function that carries on a financial services business for six years.

ASIC found that Mr Parry – sole director and secretary of NCFS – and Mr Price – an officer of NCFS “at all relevant times” – breached their duties as director and officer respectively by failing to ensure that they fulfilled their responsibilities to implement effective supervision and monitoring arrangements and failing to ensure a satisfactory due diligence process was undertaken when purchasing NCFS’ client book.

NCFS was also found to have failed to comply with financal services laws.

It’s understood that around 28 May 2015, NCFS took on new clients with ASIC claiming that Mr Parry and Mr Price did not take “sufficient” steps to identify the services the company was required to provide their clients. This resulted in 58 clients being charged over $1,500 in fees for services that were not provided.

Mr Parry and Mr Price each have the right to appeal the decision.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

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Neil is also the host of the ifa show podcast.