Australian Securities & Investments Commission bans former NextGen directors for three years over failure to give effect to AFCA determinations

The Australian Securities & Investments Commission has banned former NextGen Financial Group Pty Ltd directors Nicholas Duncan Jeremy Brookes and Vitorio Vincenzo Turco from controlling or being involved in the management of a financial services business for three years. ASIC linked each man to NextGen’s refusal or failure to give effect to at least two Australian Financial Complaints Authority determinations tied to the firm’s financial services business. The underlying AFCA determinations concerned inappropriate financial advice about setting up self-managed superannuation funds to buy property. NextGen did not make the payments required under those determinations, and affected consumers were later compensated through the Compensation Scheme of Last Resort. Mr Brookes is prohibited from controlling an entity that carries on a financial services business and from performing any function in such a business, including as an officer, manager, employee, contractor or otherwise. Mr Turco is prohibited from controlling such an entity and from performing any function in the business as an officer. Mr Brookes’ banning order took effect on 15 July 2026 and Mr Turco’s on 17 July 2026, and both have been recorded on ASIC’s banned and disqualified register. Both men can apply to the Administrative Review Tribunal to review ASIC’s decision. ASIC also stated that directors of Australian financial services licensees must ensure appropriate steps are taken to comply with AFCA determinations.