Panganiban and Australian Securities and Investments Commission

This matter concerned an application by Mr Panganiban to review a decision by the Australian Securities and Investments Commission (ASIC) to permanently ban him from providing financial services. The dispute arose from ASIC's determination that Mr Panganiban had failed to comply with financial services law and was not of good fame and character.

The Administrative Appeals Tribunal was required to determine whether Mr Panganiban had failed to comply with financial services law, and whether he was of good fame and character. These determinations were central to ASIC's power to issue a permanent banning order under section 920A(1) of the Corporations Act 2001 (Cth).

The Tribunal found that Mr Panganiban's conduct, which involved intentionally engaging clients in a cancellation and replacement sequence of financial products that exposed them to risks of being uninsured or resetting waiting periods, demonstrated a consistent practice motivated by preferential self-interest. This conduct was considered a serious character failing and inconsistent with good character. The Tribunal also noted Mr Panganiban's lack of contemporary insight into his culpability, which further precluded a positive assessment of his current good character. Consequently, the Tribunal affirmed ASIC's decision to ban Mr Panganiban from providing financial services.