The Australian Securities & Investments Commission has banned former credit and financial services representative Neil Andrew Cato from involvement in a financial services business and from engaging in credit activities for five years, with the order running until 27 February 2031. ASIC found he had been linked to a refusal or failure to give effect to two Australian Financial Complaints Authority determinations and that he became insolvent on 27 February 2024 within the meaning of the National Consumer Credit Protection Act 2009. The ban prohibits Cato from engaging in any credit activities, controlling or performing functions related to credit activities (including as an officer), providing any financial services, performing functions involved in carrying on a financial services business (including as an officer), and controlling an entity that carries on a financial services business. ASIC noted it has banning powers in these circumstances under the National Consumer Credit Protection Act 2009 and the Corporations Act 2001, and that Cato had been a credit and financial services provider since 13 May 2010. Cato has the right to seek a review of ASIC’s decision by the Administrative Review Tribunal.
Australian Securities & Investments Commission 2026-03-09
Australian Securities & Investments Commission bans Neil Andrew Cato from credit and financial services for five years
The Australian Securities & Investments Commission (ASIC) has banned Neil Andrew Cato from financial services and credit activities for five years, effective until 27 February 2031. This follows his failure to comply with Australian Financial Complaints Authority determinations and insolvency under the National Consumer Credit Protection Act 2009. Cato may seek a review of ASIC's decision by the Administrative Review Tribunal.