ASIC bans former planning director for life

The Australian Securities and Investment Commission (ASIC) has placed a permanent ban on former advice and planning firm director Christopher Nairn from the financial services and credit industries after he was found to have misappropriated more than half a million dollars from clients.

Nairn, who is based in Melbourne, was accused by the regulator of falsifying numerous documents – namely, by forging his clients’ signatures – enabling him to steal more than $650,000 in client funds.

The ban took effect on 22 May 2024.

In announcing the ban today, ASIC said that it found Nairn’s conduct was “illustrative of a person who lacks the honesty, integrity, professionalism and trustworthiness to participate in the financial services and credit industries”.

ASIC has permanently banned Nairn from providing any service or performing any function associated with the financial services and credit industries, as well as controlling an entity that carries on a financial services business or a person who engages in credit activities.

The regulator confirmed that Nairn opted not to attend a hearing or make written submissions in regard to his banning.

At the time of his misconduct, Nairn was a director of Equus Private Wealth Pty Ltd and an authorised representative under Capstone Financial Planning Pty Ltd’s Australian financial services licence.

Between July 2011 and December 2014, Nairn was also a credit representative of Capstone.

Nairn’s banning has been recorded on ASIC’s banned and disqualified register.