On 10 October 2023, the Administrative Appeals Tribunal (AAT) set aside ASIC’s decisions to ban Dominique Grubisa, the founder of DG Institute Pty Ltd, from engaging in credit activities and financial services.

ASIC had previously banned Ms Grubisa for four years following findings that she claimed to hold Australian financial services and credit licences when she did not, and that she was not a fit and proper person to engage in financial services or credit activities (22-079MR).

In setting aside the banning orders made against Ms Grubisa, AAT Deputy President Bernard J McCabe was satisfied that grounds existed to make the banning orders but was not satisfied the discretion should be exercised.

Deputy President McCabe said, ‘I do not see how a banning order made pursuant to the Corporations Act or the NCCP Act will further a legitimate regulatory interest. In reaching that conclusion, I do not mean to excuse the applicant’s problematic behaviour that has been uncovered through ASIC’s diligent investigations. But the issues she presents are issues for a different decision-maker.’