The Australian Securities and Investments Fee (ASIC) has banned Mark Andrew Cooper of Seven Hills, Queensland from offering any monetary companies for a interval of seven and a half years.
Mr Cooper can also be banned from controlling an entity that carries a monetary companies enterprise and performing any operate concerned within the carrying on of a monetary companies enterprise for seven and a half years.
Mr Cooper was the only real director of Purchase Strategic Advisers Pty Ltd between 27 August 2012 and 4 February 2020, and its Chief Monetary Officer throughout January and February 2022.
In banning Mr Cooper, ASIC discovered that he engaged in conduct in relation to monetary companies that was deceptive and misleading.
ASIC additionally decided that Mr Cooper will not be a match and correct particular person and isn’t adequately educated or competent in relation to monetary companies, when between January 2018 and January 2022 he brought about or allowed Purchase to gather annual evaluation charges from 240 shopper Self-managed tremendous funds, when these annual evaluations had not been undertaken.
He additionally brought about or allowed Purchase to fail to have techniques in place to make sure that purchasers obtained the annual shopper evaluations that that they had paid for. As well as, he failed to make sure that file notes of annual shopper evaluations have been uploaded to a doc administration system inside cheap time after the evaluation occurred and thus failed to keep up full, correct and dependable data.
Mr Cooper has the proper to enchantment to the Administrative Appeals Tribunal for a evaluation of ASIC’s determination.