ASIC has permanently banned Kimberley Hanson from providing financial services, controlling an entity that carries on a financial services business and from performing any function involved in the carrying on of a financial services business.

ASIC determined a permanent ban was necessary due to concerns that Mr Hanson is not a fit and proper person to provide financial services or control a financial services business and would be likely to contravene financial services law if he continued doing so.

Mr Hanson was the former director of Reliance Franchise Partners Pty Ltd (RFP) between 27 June 2011 and 11 August 2015.  He was also a director and company secretary of Australian Reliance Pty Ltd (Australian Reliance) from 10 January 2003 to 8 January 2016.

Australian Reliance and RFP each held an Australian financial services (AFS) licence. At all material times, Mr Hanson was a responsible person for each of the AFS licences. Mr Hanson was also the chief financial officer of both Australian Reliance and RFP from 2012 until January 2016.

ASIC banned Mr Hanson over concerns that he allowed or caused withdrawals from client money trust accounts maintained by Australian Reliance and RFP and allowed or caused the misuse of these funds to meet the companies’ operating expenses.

As at 23 October 2014, Mr Hanson had allowed or caused funds totalling approximately $3 million to be used for purposes not permitted by the Corporations Act and the Corporations Regulations, which govern the use of monies held in trust accounts by AFS licensees.

ASIC was also satisfied that Mr Hanson understood that misusing funds held in trust by Australian Reliance and RFP was a contravention by Australian Reliance and RFP of their obligations as AFS licence holders.

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

Mr Hanson’s banning is recorded on ASIC’s publicly available Banned and Disqualified Persons Register.

ASIC’s investigation into conduct by the officers of Australian Reliance and RFP continues.