Blazejczyk and Australian Securities and Investments Commission

This matter concerned an application by Mr Blazejczyk for review of a decision by the Australian Securities and Investments Commission (ASIC) to prohibit him from providing financial services for five years. Mr Blazejczyk accepted the duration of the prohibition but sought to limit its scope to "personal advice" provided to "retail clients". The review was heard by R Olding SM and P Ranson M.

The primary legal issue before the court was whether a limited or permissive banning order, as proposed by Mr Blazejczyk, would adequately satisfy the protective objects of the financial services licensing regime, particularly in relation to general deterrence, or whether a general banning order was necessary.

The court reasoned that while acknowledging the financial and other impacts of a general banning order on Mr Blazejczyk, these considerations did not outweigh the failure of a limited order to adequately address the protective objects of the licensing regime. Specifically, the court found that a limited order would not provide sufficient general deterrence. Balancing these competing considerations, the court concluded that a general banning order for the agreed duration of five years was the correct and preferable decision.

Accordingly, the court affirmed the decision under review.