ASIC bans ex-PwC partner Peter Collins for eight years

TRAVLIC - The man's registration was terminated. It is not ban for two bloody years.

 

 

PwC partner at centre of tax advice scandal banned by Asic for eight years

Financial regulator finds Peter John Collins is ‘not a fit and proper person to provide financial services’

ASIC bans ex-PwC partner Peter Collins for eight years

Edmund TadrosProfessional services editor

Oct 20, 2023 – 3.30pm

The former PwC Australia partner at the heart of the firm’s tax leaks scandal has been banned from providing financial services for eight years.

The Australian Securities and Investments Commission said Peter Collins was “not a fit and proper person to provide financial services” and that it was in the public interest for him to be barred from working in the sector for a period.

Peter Collins, former head of international tax for PwC Australia. 

ASIC found that Mr Collins, of Sandringham, Victoria, had “disclosed confidential information he obtained in his roles as a tax advisor to the Commonwealth Treasury and the Australian Board of Taxation”.

Mr Collins was an authorised representative of Australian financial services licensee PricewaterhouseCoopers Securities from 1 March 2004 to 14 July 2006, and again from 9 December 2013 to 6 October 2022.

“For the duration of his ban, Mr Collins cannot provide financial services, control an entity that carries on a financial services business or perform any function involved in the carrying on of a financial services business,” ASIC said in a statement published on Friday afternoon.

Mr Collins can apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.

More to come.

Read more about the PwC tax leaks scandal

• How confidential tax information was shared at PwC At least six former PwC partners were involved in leaking confidential information from Treasury, the Tax Office and Board of Tax, legal reports concluded.
• ‘Shadow’ culture of profit first blamed for PwC tax leaks scandal A scathing report into the big four consultancy laid bare the brutal, uncompromising culture at the top that led to the firm’s tax leaks scandal.
• ‘Growth at all costs’: what PwC report found The mindset was said to have been “growth at all costs” with a spotlight on “revenue, revenue, revenue”.
• ‘We are deeply sorry for that behaviour and the culture’ The full text of the open letter from PwC Australia CEO Kevin Burrowes.
• Rear Window | Ziggy Switkowski’s guide to making it at PwC The veteran reviewer’s examination of PwC can be read as a treasure map to consultancy riches.
• PwC global clears international partners of tax leaks wrongdoing An investigation by law firm Linklaters has cleared overseas PwC partners of using confidential information related to the tax leaks scandal “for commercial gain”.
• Chanticleer | Haughty PwC made the same mistakes it preached about Ziggy Switkowski’s review of PwC reads like a description of everything that went on inside the big banks before the royal commission. With one crucial difference.
• The Fin Podcast | Can PwC’s Australian business survive the tax leaks scandal? Neil Chenoweth, Edmund Tadros and Joe Aston on why it can never be business as usual for the big four consulting firms.

Edmund Tadros leads our coverage of the professional services sector. He is based in our Sydney newsroom.Connect with Edmund on Twitter. Email Edmund at edmundtadros@afr.com.au

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