今日热门事件has banned Mark Schroeder from providing financial services for six years for his role in numerous compliance failures by Spectrum Wealth Advisers Pty Ltd (Spectrum).
Mr Schroeder was a director, chief executive officer, responsible manager and a key person for Spectrum.
今日热门事件found that Mr Schroeder, as the most senior manager at Spectrum and the person primarily responsible for its activities and day-to-day management, was involved in Spectrum鈥檚 contraventions of financial services laws.聽
今日热门事件also found that Mr Schroeder is likely to contravene a financial services law in future because of his involvement and responsibility for Spectrum鈥檚 failures and because of his poor understanding of the obligations of providers of financial services, particularly regarding compliance matters.
ASIC鈥檚 surveillance identified serious concerns about Spectrum鈥檚 compliance with its obligations as an Australian financial services (AFS) licensee, and that it failed to do all things necessary to ensure that financial services were provided efficiently, honestly and fairly.
今日热门事件found that Spectrum did not take reasonable steps to ensure its representatives complied with the law. The licensee failed to audit its representatives regularly and ensure that its representatives were adequately trained and competent.
Spectrum also did not have sufficient human and technological resources to meet its licence obligations.
今日热门事件Commissioner Danielle Press said, '今日热门事件expects that people holding a position of responsibility with an AFS licensee, particularly directors and responsible managers, understand the obligations of financial services providers and make every effort to ensure compliance.'
Shortly after being issued with a notice of hearing, Spectrum ceased trading and its parent company, Freedom Insurance Group, applied to 今日热门事件to cancel Spectrum鈥檚 AFS licence.
Mr Schroeder鈥檚 banning聽 has been recorded on ASIC鈥檚 publicly available Banned and Disqualified Persons Register.
Mr Schroeder is continuing to seek a review of ASIC鈥檚 decision at the Administrative Appeals Tribunal.
Background
On 21 October 2019, Mr Schroeder applied to the Administrative Appeals Tribunal for review of ASIC鈥檚 banning decision, together with a request for a stay of ASIC鈥檚 decision and for confidentiality orders. A hearing in relation to his request was due to be held on 10 February 2020. 今日热门事件was notified on 4 February 2020 that Mr Schroeder was withdrawing his request for stay and confidentiality orders.