ASIC has banned former NextGen Financial Group Pty Ltd directors Nicholas Duncan Jeremy Brookes and Vitorio Vincenzo Turco from controlling or being involved in the management of a financial services business for three years.
ASIC found that Mr Brookes and Mr Turco were each linked to NextGen’s refusal or failure to give effect to at least two Australian Financial Complaints Authority (AFCA) determinations relating to complaints about NextGen’s financial services business.
The AFCA determinations related to inappropriate financial advice concerning the establishment of self-managed superannuation funds to purchase property. NextGen did not make payments required by the determinations, and affected consumers later received compensation through the Compensation Scheme of Last Resort.
In banning Mr Brookes for three years, ASIC prohibits Mr Brookes from:
- controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business, and
- performing any function involved in the carrying on of a financial services business (including as an officer, manager, employee, contractor or in some other capacity).
- In banning Mr Turco for three years, ASIC prohibits Mr Turco from:
- controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business, and
- performing any function involved in the carrying on of a financial services business as an officer of an entity carrying on that business.
The banning orders for Mr Brookes took effect on 15 July 2026. The banning orders for Mr Turco took effect on 17 July 2026. These have been recorded on ASIC’s banned and disqualified register.
Mr Brookes and Mr Turco have the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
Directors of AFS licensees must ensure appropriate steps are taken to comply with AFCA determinations.
Background
NextGen Financial Group Pty Ltd held Australian financial services (AFS) licence number 240938 between 1 February 2004 and 23 February 2024, authorising it to carry on a financial services business to provide financial product advice to retail and wholesale clients, and was a member of the AFCA scheme from 1 November 2018 to 20 November 2024.
Sections 920A and 920B of the Corporations Act 2001 give ASIC the power to make banning orders in certain circumstances, including where a person has, at least twice, been linked to a refusal or failure to give effect to an AFCA determination relating to a financial services business. ASIC relied on s920A(1)(j) in making the orders against Mr Brookes and Mr Turco.
