ASIC permanently bans former responsible manager of Brite Advisors from providing financial services

The Australian Securities and Investments Commission (ASIC) has permanently banned Gerard Duffy, former responsible manager of Brite Advisors Pty Ltd, from providing financial services. The ban follows an ASIC finding that there is reason to believe Mr. Duffy is not a fit and proper person, a standard requiring honesty, integrity, and sound judgement in financial services.

ASIC's determination followed a hearing before an ASIC Delegate. The regulator found Mr. Duffy failed to disclose and manage conflicts of interest. His responses during ASIC examinations under section 19 of the ASIC Act were found to indicate a lack of integrity and honesty.

The permanent ban, effective June 3, 2026, prohibits Mr. Duffy from providing financial services, controlling a financial services entity, or performing any function in such a business. He retains the right to appeal the decision to the Administrative Review Tribunal.

ASIC records show Mr. Duffy held various roles at Brite Advisors between 2017 and 2025. During ASIC examinations in 2021 and 2022, he omitted disclosure of his concurrent employment at the Australian Financial Complaints Authority (AFCA), conduct ASIC cited as demonstrating a lack of honesty. He also failed to disclose his Brite relationship to AFCA.

Brite Advisors was placed into liquidation in February 2024, and ASIC cancelled its financial services license in April 2025.