The Australian financial regulator has taken further action against persons involved in a firm that has been taken into receivership.

Australia’s financial watchdog has banned a former director of Provident Capital, a mortgages and debentures business, from managing corporations for three years and providing financial services for three years.

The Australian Securities and Investments Commission has took the action against Trevor John Seymour, of Campbelltown, New South Wales, after its investigation found that he had breached his duties as a director and failed to comply with financial services laws. He was a director of Provident Capital from 25 May 1998 to 17 December 2013. The firm went into receivership on 3 July 2012 and into liquidation on 24 October 2012. ASIC's investigation is continuing, it said in the statement.

The regulator has already imposed bans managing director, Michael Roger O’Sullivan, and non-executive director, John Patrick Sweeney, of Provident Capital on 20 February 2015 and 1 July 2015 respectively. ASIC banned O’Sullivan from managing corporations for five years and providing financial services for seven years; he sought a review of the decision and a hearing has commenced in the Administrative Appeals Tribunal. That case continues. Separately, ASIC banned Sweeney, of Sydney, from providing financial services for two years. Sweeney has also sought a review of ASIC's decision in the AAT.

In its explanation of the latest case, ASIC said Seymour engaged in misleading or deceptive conduct by approving 15 quarterly reports, seven benchmark reports and a Debenture Prospectus in 2010 issued to raise funds from the public, all of which contained misleading statements. He also approved information booklets in 2012 which were deficient.

Seymour has been allowed to manage Raintron, the trustee of his self-managed superannuation fund, and Garde, a trustee company which acts as an executor of an estate. The permission was granted by ASIC on the basis that altering the arrangements to accommodate his disqualification is disproportionate to the risk to the public given the limited activities of these companies. Seymor has also been allowed to act as a director of trading company of his accountancy practice Bretnalls NSW, as long as he is not the sole director and that he continues to be involved in its day to day business.

“Directors of financial services companies have a clear responsibility to ensure the company provides accurate and credible information upon which investors can rely. ASIC will act to remove people who fail in their corporate governance and compliance obligations, for the protection of the public,” said John Price, commissioner at the Australian regulator.

Seymour has filed for a review of ASIC’s decision.