The Australian Securities and Investment Commission (ASIC) has banned the former responsible manager of an SMSF investment firm from providing financial services after it found he was not a fit and proper person.
The regulator stated it had permanently prohibited Gerard Duffy, who was the responsible manager for Brite Advisors Pty Ltd, for failing to disclose and manage an actual, perceived or potential conflict of interest.
ASIC made the finding after conducting examinations of Duffy under section 19 of the ASIC Act in October 2021 and July 2022 in relation to the affairs of Brite Advisors. Duffy was an authorised representative there from 1 December 2020 to 30 April 2025, a financial adviser from 1 December 2020 to 31 December 2021, the responsible manager from 13 July 2017, and a consultant from 22 July 2022 to October 2023.
“Mr Duffy’s answers to relevant questions omitted disclosure to ASIC of his employment at AFCA (Australian Financial Complaints Authority) in circumstances where his failure to mention his employment at AFCA in his answers to ASIC indicated a lack of integrity and honesty,” the regulator indicated.
“Mr Duffy was employed by AFCA from 6 April 2021 to 15 July 2025. Mr Duffy also failed to disclose to AFCA his relationship with Brite.
“In the context of financial services, to be a fit and proper person means that a person conducts themselves with honesty, integrity and sound judgement.”
Following a hearing before an ASIC Delegate, the regulator stated Duffy has permanently banned from providing financial services, controlling, whether alone or in concert with others, an entity that carries on a financial services business, and performing any function involved in the carrying on of a financial services business, including as an officer, manager, employee, contractor or in some other capacity.
The punitive order took effect from 3 June 2026 and has been recorded on the ASIC Banned and Disqualified register.
Duffy has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
Brite Advisors initially came to the attention of ASIC in October 2023 when it failed to lodge financial statements and an auditor’s report, and did not report the value of funds under management for four years, leading to a court order for assets to be frozen.
The firm was placed into liquidation in February 2024 and ASIC cancelled its financial services licence on 29 April 2025.
Jason Spits
SENIOR JOURNALIST
Jason is a senior journalist with Benchmark Media and writes for the selfmanagedsuper website and magazine and smstrusteenews website. He has covered financial services since 1999 and has written about life insurance, superannuation, investment management and financial advice, in both a freelance and in-house capacity, and also did a brief stint as a media manager for an industry association. He has been the editor of trade titles Money Management and Financial Standard, and was most recently senior journalist with life insurance title Riskinfo.
Articles by Jason