Regulatory Alerts2026-04-08
ASIC bans former ISG Financial Services Limited director Benjamin Godfrey for 10 years
The Australian Securities and Investments Commission has banned former director Benjamin Godfrey from providing or controlling financial services for ten years under the Corporations Act 2001. The regulator determined that Mr Godfrey failed to comply with financial services laws, was not a fit and proper person, lacked adequate training, and is an insolvent under administration. This prohibition, effective from 31 March 2026, prevents him from performing any functions involved in carrying on a financial services business, though he retains the right to apply for a review by the Administrative Review Tribunal.
ASIC has banned Benjamin Godfrey, the former director and responsible manager of ACN 114 733 569 Limited (in liquidation), formerly known as ISG Financial Services Limited ( ISG ), from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business for 10 years, under ss920A and 920B of the Corporations Act 2001 .
ASIC found that Mr Godfrey:
failed to comply with financial services laws
was involved in the contravention of a financial services law by another person
was not a fit and proper person to provide financial services, perform functions as an officer of an entity that carries on a financial services business or control an entity that carries on a financial services business
was not adequately trained or competent to provide financial services, perform functions as an officer of an entity that carries on a financial services business or control an entity that carries on a financial services business
may be likely to contravene a financial services law, or may become involved in the contravention of a financial services law by another person, and
is an insolvent under administration.
Mr Godfrey is prohibited from:
providing any financial services
controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business, and
performing any function involved in the carrying on of a financial services business (including as an officer, manager, employee, contractor or in some other capacity).
Mr Godfrey’s banning will be in effect for 10 years from 31 March 2026.
Mr Godfrey has the right to apply to the Administrative Review Tribunal for a review of ASIC’s decision.