ASIC bans director for 4 years

ASIC has banned Robert Payne, managing director of the Guildford group of firms, from offering monetary companies for 4 years.

Payne, from Brighton, Victoria, can also be prohibited from performing any perform in or controlling a monetary companies enterprise throughout this era.

ASIC has additionally cancelled the Australian Monetary Companies (AFS) licence of Guildfords Funds Administration (Guildfords) as a result of vital and systemic failures in oversight and compliance.

“Dr. Payne lacked the competence and diligence required of a accountable supervisor,” ASIC mentioned in a media launch.

Failures in oversight

Payne was accountable for monitoring and supervising former authorised consultant Mitchell Atkins and company authorised representatives Magnolia Asset Administration (MAM) and Magnolia Funding Administration (MIM).

ASIC discovered that Payne had no management or oversight over Atkins, MIM, and MAM, resulting in unauthorised derivatives buying and selling and investor losses.

“He didn’t perceive the extent of Guildfords’ failures to adjust to its duties as a licensee and sought to minimise his duty for them,” ASIC mentioned.

This determination is recorded on ASIC’s banned and disqualified register.

Payne has the proper to use to the Administrative Appeals Tribunal for a overview of ASIC’s determination.

Background info

The Guildford group of firms contains AFS licensee Guildfords Markets and company authorised consultant Guildfords Enterprise Consultants.

Atkins and MAM have been authorised below Guildfords’ AFS licence between September 2018 and October 2022. MIM was authorised below the licence from November 2020 to October 2022.

Payne served as a director of MAM from August 2018 to July 2022.

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