David Hickie, a former chief executive of an Australian Financial Services Licensee Lion Advantage has lost an appeal against a banning order ASIC handed down to him in 2012.
ASIC senior member Egon Fice upheld the corporate regulator’s decision to ban Hickie, former director of AFSL Lion Advantage in the Administrative Appeal Tribunal judgment handed down last week.
Hickie provided investment management services, including property managed investment schemes, and ASIC has cited as reasons that the decision was reached was due to, “Hickie’s failure to maintain professional indemnity insurance” and he “displayed a serious disregard for the financial services law. In his case, a banning order is appropriate.”
ASIC banned Mr Hickie from providing financial services for two years in 2012 after being found to be without adequate PI cover and in breach of financial reporting obligations.