Mr George Nikiforidis, of Sydney, New South Wales, has been permanently banned from providing financial services by ASIC.

Mr Nikiforidis, 38, provided superannuation advice to players and employees of the Sydney Olympic Soccer Football Club (SOSFC) between 2000 and 2003. At the time, Mr Nikiforidis operated his own financial services business, Encore Financial Services Pty Ltd.

ASIC alleged Mr Nikiforidis failed to pass on superannuation payments he’d received on behalf of SOSFC players and employees. These payments were transferred to his company, Encore Financial Services Pty Ltd, with the expectation they would be forwarded to the relevant superannuation fund managers. Instead, Mr Nikiforidis transferred the funds to his own personal accounts and to two other companies of which he was the sole director, Taxi Insurance Services Pty Ltd (in liquidation) and Taxi Insurance Brokers Pty Ltd. Taxi Insurance Brokers Pty Ltd was deregistered on 5 August 2007.

Mr Nikiforidis’ conduct came to ASIC’s attention following a complaint by the SOSFC.

Mr Nikiforidis has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Editor's note: The media release was amended on 24 September 2018 in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.