Referring to Bringans, the regulator stated that:
ASIC banned Mr Bringans because he was not competent and properly trained, that he was not fit and proper to provide financial services and that he neglected one of his key responsibilities as a manager to ensure Sirius Financial adhered to the financial service laws.
ASIC also concluded that Mr. Bringans was a disengaged and disinterested manager who did not do more than attend monthly compliance committee meetings.
The Australian regulator took a firm stance against the derivatives providers. ASIC issued a March 2021 product interference that restricted the issuance, distribution, and extension of CFDs. In April it extended it for an additional five years.
LeapRate first published the article ASIC places an 8-year ban on Trade360’s former manager