Overview
ASIC has banned two former directors of NextGen Financial Group Pty Ltd from working in or controlling any financial services business for three years. The individuals named are Nicholas Duncan Jeremy Brookes and Vitorio Vincenzo Turco.
Reason for the bans
NextGen Financial Group failed to comply with at least two rulings from the Australian Financial Complaints Authority (AFCA). Those rulings found that NextGen had given inappropriate financial advice about setting up self-managed super funds (SMSFs) to buy property. NextGen did not pay the compensation required by those rulings. Affected clients were eventually paid out through the Compensation Scheme of Last Resort.
Legal basis
ASIC made the banning orders under sections 920A and 920B of the Corporations Act 2001, specifically section 920A(1)(j).
Effective dates
- The ban on Nicholas Duncan Jeremy Brookes took effect on 15 July 2026.
- The ban on Vitorio Vincenzo Turco took effect on 17 July 2026.
Register and appeal rights
Both bans are recorded on ASIC's banned and disqualified register. Both individuals have the right to appeal to the Administrative Review Tribunal.
Key actions
The following actions are stated in the source material:
- Financial services businesses are required to pay any AFCA ruling on time. Failing to comply with two or more AFCA determinations can result in directors being personally banned from the industry under section 920A(1)(j) of the Corporations Act 2001.
- Before appointing a director or manager, businesses can check whether that person is listed on ASIC's banned and disqualified register at asic.gov.au.
- Businesses that hold an AFS licence - NextGen held licence number 240938 - are required to have compliance processes that include responding to and paying out any AFCA determination within the required timeframe.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.