ASIC bans former ISG Financial Services director Benjamin Godfrey for 10 years

The Australian Securities and Investments Commission (ASIC) has banned Benjamin Godfrey, the former director and responsible manager of ACN 114 733 569 Limited (in liquidation), formerly known as ISG Financial Services Limited (ISG), from involvement in the financial services industry for 10 years.

The banning order was made under sections 920A and 920B of the Corporations Act 2001. It prohibits Mr Godfrey from providing financial services, controlling an entity that carries on a financial services business and performing any function involved in the carrying on of a financial services business.

Findings by ASIC

ASIC found that Mr Godfrey failed to comply with financial services laws and was involved in the contravention of a financial services law by another person. The regulator also determined that he was not a fit and proper person to provide financial services, to perform functions as an officer of an entity that carries on a financial services business, or to control such an entity.

In addition, ASIC found that Mr Godfrey was not adequately trained or competent to provide financial services. ASIC concluded that he may be likely to contravene a financial services law, or may become involved in the contravention of a financial services law by another person. ASIC also found that Mr Godfrey is an insolvent under administration.

Scope and duration of the banning

Under the terms of the banning, Mr Godfrey is prohibited from providing any financial services. He is also prohibited from controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business. Further, he is barred from performing any function involved in the carrying on of a financial services business, including in the capacity of an officer, manager, employee, contractor or in any other role.

The banning will be in effect for 10 years from 31 March 2026. During this period, Mr Godfrey will be unable to participate in the financial services industry in the capacities specified by ASIC.

Review rights

Mr Godfrey has the right to apply to the Administrative Review Tribunal for a review of ASIC's decision. Any such review would consider the basis of ASIC's findings and the appropriateness of the 10-year banning order imposed on him.