One of the great challenges for the highly productive professional is resisting the temptation to spread oneself too thinly.
There are only so many appointments, directorships and fiduciaries an individual can hold before their capacity to perform is diminished by an escalating volume of tasks, and if that tipping point is either not recognised or seen as another challenge to be surmounted then trouble can follow.
“ASIC found that HML failed to comply with the financial services laws and is likely to contravene its obligations again in the future.” ASIC suspends AFS licence of Huntley Management Limited.
As well as being one of the most experienced insolvency practitioners still registered as a liquidator, FerrierSilvia principal Brian Silvia is chairman of managed investment scheme operator Huntley Group and a director of its AFSL holder, Huntley Management Limited (HML).
Earlier this year ASIC informed HML that it was suspending its Australian Financial Services License (AFSL) for 12 months after it failed to lodge financial statements and compliance plan audit reports for the 2021 and 2022 financial years for RNY Property Trust (RNY), one of 12 twelve registered managed investment schemes for which HML is the responsible entity.
In a press release dated May 23, 2023 ASIC warned that “HML failed to comply with the financial services laws and is likely to contravene its obligations again in the future”.
As at time of writing a decision on an application for a stay of the suspension heard by the Administrative Appeals Tribunal (AAT) on June 2 had not been delivered.
Silvia came on board the Huntley businesses when it was acquired by BRI Ferrier (NSW) in 2014.
While it’s not his responsibility to lodge financial statements and compliance plan audit reports his expertise and experience is vital in ensuring executive management does’t lose sight of the basics, particularly in a sector as compliance-loaded as financial services.
In a statement the 73 year old told iNO that as the matter remains before the AAT for determination, he’s “mindful any comments by me in the interim may be prejudicial to the interests of third parties”.
“HML as a business continues to be profitable and solvent,” Silvia said. “The events to which you refer arose because of a third party failures to provide financial information, voluntarily brought to ASIC’s attention by HML.”
While he wasn’t prepared to identify who was responsible for the stuff up, we suspect that in expressing his opinion of whoever spread themselves too thinly, Silvia will be laying it on thick.
73 years old. Time to give it up champ and go sit on a beach.