ASIC found Nairn’s conduct was illustrative of a person who lacks the honesty, integrity, professionalism and trustworthiness to participate in the financial services and credit industries.

With effect from 22 May 2024., ASIC has permanently banned Nairn from providing any service or performing any function associated with the financial services and credit industries as well as controlling an entity that carries on a financial services business or a person who engages in credit activities.

Mr Nairn opted not to attend a hearing or make written submissions.

At the time of his misconduct, Nairn was a director of Equus Private Wealth Pty Ltd and an authorised representative under Capstone Financial Planning Pty Ltd’s Australian financial services licence. Between July 2011 and December 2014, Nairn was also a credit representative of Capstone.

Capstone is in the process of providing remedy to affected consumers.