Richard Pusey banned for 10 years

The financial services regulator cited concerns that the man has “no regard for the law” and “cannot be relied upon to comply with directions issued from authorities”.

Mr Pusey was a director of IKnow (Vic) Pty Ltd, which held a credit licence between 2011 and 2015. He is also the director of ISwitchNow Pty Ltd, which held a credit licence between 2015 and 2019.

IKnow (from 2005) and Mr Pusey (from 2013) were also authorised to provide general financial product advice as authorised representatives of Australian Life Insurance Distribution Pty Ltd.

According to ASIC, Mr Pusey provided seven false statements to them in a number of credit licence applications and annual compliance statements between 2011 and 2017.

In addition, ASIC highlighted several other concerns relating to Mr Pusey’s ability to be a “fit and proper person” running a financial services company, saying he:

• “Lacks the attributes of good character, honesty, and judgement”;
• “Has no regard for the law”;
• “Cannot be relied upon to comply with directions issued from authorities”;
• “Is likely to contravene credit legislation and financial services legislation”; and
• “Is not a fit and proper person to participate in the financial services and credit industries”.

Mr Pusey’s banning took effect on 6 August 2021 and has been recorded on ASIC’s Banned and Disqualified Persons Register.

While the banning relates to his professional conduct, Mr Pusey has been recently imprisoned on other charges.

Last year, Mr Pusey pleaded guilty to outraging public decency after he filmed the aftermath of a fatal traffic incident involving four police officers on Melbourne’s Eastern Freeway. He was sentenced to jail for 10 months and put on a good behaviour bond.

He has recently pleaded guilty to other charges, sentencing for which is expected tomorrow (25 August). He has already spent 118 days on remand for these other offences.

[Related: ASIC reveals frozen credit licences, overturned conviction]