ASIC Permanently Bans Former Director of Two AFS Licensees

The Australian Securities and Investments Commission (ASIC) announced today that it has permanently banned Kimberley Hanson from providing financial services, controlling an entity that carries on a financial services business and from performing any function involved in the carrying on of a financial services business.

Kimberley was the former director of Reliance Franchise Partners Pty Ltd (RFP) between 27 June 2011 and 11 August 2015 as well as a director and company secretary of Australian Reliance Pty Ltd (Australian Reliance) from 10 January 2003 to 8 January 2016. Both of the two firms held an Australian financial services (AFS) licence. At all material times, Kimberley was a responsible person for each of the AFS licences. Also, he was the chief financial officer of these two companies from 2012 until January 2016.

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ASIC found that as at 23 October 2014, Kimberley had allowed or caused funds totalling approximately $3 million to be used for purposes not permitted by the Corporations Act and the Corporations Regulations, which govern the use of monies held in trust accounts by AFS licensees.

ASIC determined a permanent ban was necessary over concerns that Kimberley is not a fit and proper person to provide financial services or control a financial services business and would be likely to contravene financial services law if he continued doing so.