Former Spaceship Capital director and chief executive, Paul Kevin Bennetts, has been banned by the corporate regulator from providing financial services for six years for dishonestly obtaining his Australian Institute of Company Directors (AICD) qualification.
The Australian Securities and Investments Commission (ASIC) said in October 2018, Bennetts asked a Spaceship Capital compliance officer to complete his assessments for an AICD course on his behalf and without his involvement.
ASIC found this was serious misconduct when he held a very senior position in a financial services company and that his actions placed a subordinate staff member in a very difficult position and constituted a misuse of Spaceship Capital’s resources for his personal gain.
Bennetts was a director and responsible manager of Spaceship Capital and the company’s CEO between 2017 and 2019. Spaceship Capital operates managed investment schemes and is the promoter of the Spaceship Super Fund.
ASIC noted that while Bennetts accepted he acted dishonestly and expressed remorse, he engaged in wrongful conduct and failed to maintain the higher standards expected of a financial services provider.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
Add new comment