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ASIC bans senior accountant until 2017

ASIC has banned a chartered accountant from providing financial services until July 2017 while the regulator continues to investigate the South Australian's activities.

News Michael Masterman 11 March 2015
— 1 minute read

George Nowak, founder of the Charterhill Group of Companies, has been banned from providing financial services until 3 July 2017.


In a statement, ASIC said the investigation, which is ongoing, found that Mr Nowak applied for personal bankruptcy in July 2014.

Section 920A(1)(bb) of the Corporations Act provides that ASIC may make a banning order against a person if the person becomes insolvent under administration.

The regulator said it is continuing to investigate the conduct of Mr Nowak and the activities of the Charterhill Group, which operated as a 'one stop shop', providing advice to clients on the establishment of SMFS, rollover of existing superannuation funds into an SMSF, sourcing and purchase of investment properties, property management, insurance and taxation.

In response to ASIC’s action against Mr Nowak, the Chartered Accountants Australia New Zealand (CAANZ) has issued a statement saying it “is aware of the ongoing investigations and recent ASIC ban in relation to George Nowak FCA”.

“Professional accounting is governed and enforced through a co-regulatory framework, including ASIC. We must wait until all regulatory and legal proceedings have been completed, including appeals, before taking disciplinary action,” the statement read.

“Our Professional Conduct division will continue to monitor this issue and any adverse findings which are legally proved will constitute a breach of Chartered Accountants Australia and New Zealand’s By-laws, leading to investigation and discipline of Mr Nowak.”

Mr Nowak is banned from providing financial services for the period of his bankruptcy. He is also automatically banned, under the Corporations Act, from acting as company director and being involved in the management of companies for this period.

He has a right of appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

ASIC bans senior accountant until 2017
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