ASIC has permanently banned the former responsible manager of Brite Advisors Pty Ltd (Brite), Mr Gerard Duffy, from providing financial services, after a finding that ASIC has reason to believe that Mr Duffy is not a fit and proper person.
In the context of financial services, to be a fit and proper person means that a person conducts themselves with honesty, integrity and sound judgement.
The finding by ASIC that it has reason to believe that Mr Duffy is not a fit and proper person followed a hearing before an ASIC Delegate. ASIC found that Mr Duffy had failed to disclose and manage an actual, perceived or potential conflict of interest, and that some of Mr Duffy’s responses in examinations conducted by ASIC under section 19 of the ASIC Act indicated a lack of integrity and honesty.
Mr Duffy has been permanently banned from:
- providing financial services
- controlling, whether alone or in concert with others, 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).
The banning order took effect from 3 June 2026.
Mr Duffy’s banning has been recorded on ASIC’s Banned and Disqualified register.
Mr Duffy has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
Background
ASIC’s records show that Mr Duffy was an authorised representative of Brite from 1 December 2020 to 30 April 2025, a financial advisor of Brite from 1 December 2020 to 31 December 2021, a responsible manager of Brite since 13 July 2017, and a consultant to Brite from 22 July 2022 to October 2023.
In examinations of Mr Duffy conducted by ASIC under section 19 of the ASIC Act in October 2021 and July 2022 in relation to the affairs of Brite, Mr Duffy’s answers to relevant questions omitted disclosure to ASIC of his employment at AFCA in circumstances where his failure to mention his employment at AFCA in his answers to ASIC indicated a lack of integrity and honesty. Mr Duffy was employed by AFCA from 6 April 2021 to 15 July 2025. Mr Duffy also failed to disclose to AFCA his relationship with Brite.
Brite Advisors Pty Ltd was placed into liquidation on 6 February 2024 (24-017MR). ASIC cancelled the financial services licence of Brite Advisors Pty Ltd on 29 April 2025 (25-067MR).
