The Australian Securities and Investments Commission reported that the Administrative Review Tribunal has reduced Noel Northcott’s permanent ban on providing financial services and carrying on a financial services business to 10 years. The tribunal also varied the conditions to allow Northcott to work in the industry as a supervised employee. He will be eligible to provide financial services independently from April 27, 2035. The tribunal agreed with ASIC’s findings that Northcott made false or misleading statements about investment performance after using algorithms to trade foreign exchange with client funds. It found his conduct dishonest and unprofessional and considered that he continued to pose a risk to the public, but reduced the ban after considering his regulatory training and remorse. ASIC’s original action concerned the Noon Investment Fund, which lost about AUD 11.3 million while clients received false statements showing gains, and misleading performance claims involving the Quant Fund.
2026-09-18Australian Securities & Investments Commission
Australian Securities and Investments Commission’s permanent ban on Noel Northcott reduced to 10 years by tribunal
The Administrative Review Tribunal reduced Australian Securities and Investments Commission’s permanent ban on Noel Northcott to 10 years and allowed him to work as a supervised employee. The tribunal upheld ASIC’s findings of dishonest and misleading conduct but considered Northcott’s regulatory training and remorse. He may provide financial services independently from April 27, 2035.