ASIC bans Spaceship chair for two years
The chair of Spaceship Capital has been banned by ASIC for failing to understand all the financial services offered by the group.
Paul Ernest Dortkamp has been banned from performing functions as an officer and responsible manager of a financial services business for two years after an investigation found he didn't understand all the services offered by Spaceship Capital and is not competent to hold either position.
Spaceship Capital is the promotor of Spaceship's superannuation offering, which is issued by Diversa.
In late 2018 and into early 2019, Dortkamp failed to take necessary steps in relation to a fault in Spaceship Super's consumer onboarding system in a timely way, ASIC said.
This resulted in a number of members being assigned to the wrong super product.
According to ASIC, Dortkamp incorrectly concluded the fault was not Spaceship's responsibility and therefore not his responsibility.
"ASIC considers that this misunderstanding of the scope of Spaceship's function was a fundamental oversight for someone in his position," the regulator said.
Throughout his career, Dortkamp has held roles with Morningstar, Fundhost, Implemented Portfolios, Ellerston Capital and Colonial First State. He is also the founder of Rivergum Investors.
Dortkamp's ban comes just months after Spaceship's former chief executive Paul Bennetts was banned after he was found to have an employee complete an AICD assessment on his behalf.
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