ASIC permanently bans former income fund chief

by |
ASIC has permanently banned the former CEO of a collapsed income fund.

The regulator announced it had banned Mark McIvor from providing financial services on the basis that he had contravened a financial services law and was not of good fame or character to provide financial services. McIvor is the former CEO of Equitrust Limited, the responsible entity of the Equitrust Income Fund. The company is in liquidation, and the income fund collapsed in 2011.

An ASIC investigation found that between 1 January 2004 and 18 September 2008, McIvor failed to take all the steps that a reasonable person would take, if they were in the officer's position, to ensure that the responsible entity complied with the EIF's compliance plan; and signed 28 board meeting minutes, which falsely recorded a board meeting to approve a loan application had occurred, when no such board meetings had taken place.

"ASIC expects high standards of honesty and integrity from anyone providing financial services. Anyone who fails to meet those standards must be excluded from providing such services,” ASIC commissioner John Price said.