The Australian Securities & Investments Commission has permanently banned Gerard Duffy, the former responsible manager of Brite Advisors Pty Ltd, from providing financial services after finding reason to believe he is not a fit and proper person. The action followed a hearing before an ASIC delegate and was based on findings that he failed to disclose and manage an actual, perceived or potential conflict of interest and gave answers in ASIC examinations that indicated a lack of integrity and honesty. The ban took effect on 3 June 2026 and also bars Duffy from controlling a financial services business or performing any function in one, including as an officer, manager, employee or contractor. In section 19 examinations in October 2021 and July 2022 concerning Brite's affairs, ASIC found that he omitted to disclose his employment at AFCA, and it also noted that he failed to disclose his relationship with Brite to AFCA. The order has been recorded on ASIC's Banned and Disqualified register. Duffy may seek review of ASIC's decision in the Administrative Review Tribunal.
Australian Securities & Investments Commission2026-06-09
Australian Securities & Investments Commission permanently bans former Brite Advisors responsible manager Gerard Duffy over conflicts and integrity concerns
The Australian Securities & Investments Commission has permanently banned Gerard Duffy, former responsible manager of Brite Advisors Pty Ltd, from providing, controlling or working in financial services after finding he is not fit and proper. ASIC found he failed to disclose and manage conflicts of interest and gave examination answers indicating a lack of integrity and honesty, including omitting his employment at the Australian Financial Complaints Authority and his relationship with Brite. The ban is recorded on ASIC’s Banned and Disqualified register and may be reviewed by the Administrative Review Tribunal.