Former Brite Advisors responsible manager banned

The Australian Securities and Investments Commission (ASIC) has permanently banned former Brite Advisors responsible manager Gerard Duffy from providing financial services after determining it had reason to believe he was not a fit and proper person.

The ban, which took effect of June 3, prevents Duffy from providing financial services, controlling a financial services business, or performing any function involved in the operation of such a business.

ASIC said its decision followed a hearing before an ASIC delegate and was based on findings that Duffy failed to disclose and manage actual, perceived or potential conflicts of interest and demonstrated a lack of honesty and integrity in responses given during examinations conducted under the ASIC Act.

"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," ASIC said.

The regulator found that during examinations in October 2021 and July 2022 relating to the affairs of Brite Advisors, Duffy failed to disclose his employment with the Australian Financial Complaints Authority (AFCA).

According to ASIC, the omission indicated a lack of "integrity, honesty and sound judgement". Duffy was employed by AFCA from April 2021 until July 2025 and also failed to disclose his relationship with Brite Advisors to AFCA.

Duffy held several roles with Brite Advisors over a number of years, including responsible manager from July 2017, authorised representative from December 2020 to April 2025, financial adviser from December 2020 to December 2021, and consultant between July 2022 and October 2023.

The banning order marks the latest regulatory action linked to the failed advice firm. Brite Advisors was placed into liquidation in February 2024, and ASIC cancelled the firm's Australian financial services license in April 2025.

Duffy's ban has been recorded on ASIC'S banned and disqualified register. He retains the right to seek a review of ASIC's decisions through the Administrative Review Tribunal.

The regulator said the findings reflected concerns about Duffy's ability to meet the standards of conduct expected of individuals operating within Australia's financial services industry.