ASIC permanently bans Sweeney Insurance director

13 February 2023

The Australian Securities and Investments Commission (ASIC) has permanently banned Sydney-based Sean Sweeney from providing any financial services after he was convicted of fraud offences in November.

Mr Sweeney was convicted in the Local Court of NSW at Hornsby. He filed an application at the Administrative Appeals Tribunal seeking a review of ASIC’s decision and that determination is pending.

ASIC banned Mr Sweeney from performing any function involved in the carrying on of a financial services business and controlling an entity that carries on a financial services business.

He had been authorised to provide advice between November 17 2014 and July 30 2018, and was the sole director of Sweeney Insurance Services, and later sole director of Swinsure which was authorised for July 2020.

ASIC says financial advisers must act with honesty and integrity in their dealings with clients and it may ban a financial adviser if it has reason to believe that they are not a fit and proper person to provide financial services or that they are likely to contravene a financial services law.