ASIC has banned Spaceship Capital Limited director, chairman and responsible manager Paul Ernest Dortkamp of Caringbah South, New South Wales, from performing functions as an officer and responsible manager of a financial services business for two years.

Spaceship is the promoter of the Spaceship Super Fund which is issued by Diversa Trustees Limited as trustee of the Tidswell Master Superannuation Plan. 

ASIC’s decision followed an investigation which found that Mr Dortkamp failed to understand all of the financial services offered by Spaceship under its licence. 

Specifically, ASIC found that in late 2018 and into early 2019, Mr Dortkamp failed to take the necessary steps in relation to a fault in Spaceship Super Fund’s consumer onboarding system in a timely way. The fault had resulted in an unknown number of members being assigned to the incorrect superannuation product.

ASIC found that Mr Dortkamp had incorrectly concluded that the fault was not Spaceship’s responsibility, and therefore that it was not his responsibility to deal with it.

ASIC considers that this misunderstanding of the scope of Spaceship’s function was a fundamental oversight for someone in his position.

In light of its investigation, ASIC found that Mr Dortkamp was not competent to perform functions as an officer or responsible manager of a financial services business.

Mr Dortkamp has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

The banning has been recorded on the Banned and Disqualified Persons Register.

Editor's note:

Following ASIC’s banning decision, Mr Dortkamp has lodged an application with the AAT for a review and stay of ASIC’s decision.

Editor's note 2: 

On 27 June 2022 a directions hearing was held. On the same day an interlocutory hearing was set down for 10:00am on 12 July 2022 to consider Mr Dortkamp’s application for a stay of the banning order.

Editor's note 3:

On 18 July 2022, the AAT granted an application to stay the two year financial services banning of Mr Dortkamp, subject to conditions. Those conditions are available here.

The hearing of Mr Dortkamp’s substantive review application is listed from 4 to 7 October 2022.

Editor's note 4:

The hearing of Mr Dortkamp’s substantive review application took place before the AAT from 4 to 7 October 2022. The Tribunal’s decision is reserved.

Editor's note 5:

On 20 December 2022, the AAT overturned ASIC’s decision to ban Mr Dortkamp and the banning order was set aside (22-377MR).