ASIC bans former Sequoia and Interprac director Garry Crole from director and responsible manager roles in financial services businesses for 10 years
Why this matters
This is a significant enforcement action by ASIC against a former managing director and CEO of a listed financial services group. The ban addresses systemic failures in oversight of financial advice (including unsuitable superannuation investments into collapsed funds affecting thousands of clients), inadequate management of approved product lists, and failure to respond to serious concerns about lead-generation-based advice models. The action signals ASIC's expectations for senior manager competence, diligence, and fit-and-proper-person standards in wealth management and financial services licensing contexts. While framed as news, it carries high regulatory significance for the sector.
AI-generated classification rationale, not a full analysis. Verify with the original ASIC source before acting. Full disclaimer.
What the ASIC said
ASIC bans former Sequoia and Interprac director Garry Crole from director and responsible manager roles in financial services businesses for 10 years
Published by ASIC . Read the full notice at the source for the authoritative text.
Context
Australian Securities and Investments Commission (ASIC) — Australia's financial services regulator. We track 319 updates from them.
Australian financial services are regulated by ASIC and APRA. Browse all Australia updates.
This update is classified under Consumer Protection / Conduct, Senior Managers / Governance, Authorisation & Licensing and Investment Management.