The Australian Securities and Investments Commission banned Garry Crole, former Sequoia Financial Group CEO, from financial services management roles for ten years effective September 4. The regulator found Crole incompetent and lacking proper judgment after Interprac Financial Planning representatives advised 6,843 clients to invest approximately A$677 million in retirement savings into First Guardian Master Fund and Shield Master Fund between 2021 and 2024. Both funds subsequently collapsed.
ASIC determined Crole knew about serious concerns regarding advice models used by former Interprac representatives, including problematic lead generator arrangements, but failed to respond adequately. The regulator also cited his failure to properly oversee Interprac’s approved product list, which included both failed funds. Crole held various director and responsible manager positions at Interprac and Sequoia from 2004 through 2026 before resigning as managing director in July.
This enforcement action is separate from ASIC’s ongoing civil penalty case against Interprac, which the licensee is contesting. Crole can appeal the ban through the Administrative Review Tribunal.
FXnCO Insight
Australian financial services firms should immediately review their product approval processes and senior manager oversight frameworks as ASIC intensifies enforcement targeting leadership accountability for compliance failures.
Source: Finance Magnates