QLD responsible manager banned by ASIC

The previous director and responsible manager of Australian financial services licensee, Consolidated Mercantile Group Ltd, has been disqualified by the Australian Securities and Investments Commission (ASIC).

Albert Christen Walters, also known as Chris Walters, has been barred from performing the functions of an officer and responsible manager of financial services businesses for four years, after an investigation found he was not “a fit and proper person to perform those roles”.

Walters was a director, shareholder and the sole responsible manager of Consolidated Mercantile Group from 2005 to 2019 and remained a director and the sole responsible manager of the company when it was sold in March 2019.

ASIC found that Walters failed to supervise the company’s bank accounts and client accounts and did not ensure that all processes were compliant with financial services laws between March 2019 to August 2021. Walters also did not address concerns brought to light by ASIC regarding the company’s conduct.

ASIC said Walters should have “arranged for a replacement responsible manager to ensure the business was being monitored and oversight was provided” after the business was sold in March 2019.

Walters’ banning has been recorded on ASIC’s Banned and Disqualified persons register which is available to the public.