PwC scandal: ASIC bans former PwC partner Peter Collins from providing financial services for eight years

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.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.At least six former PwC partners were involved in leaking confidential information from Treasury, the Tax Office and Board of Tax, legal reports concluded.

An investigation by law firm Linklaters has cleared overseas PwC partners of using confidential information related to the tax leaks scandal “for commercial gain”.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.Neil Chenoweth, Edmund Tadros and Joe Aston on why it can never be business as usual for the big four consulting firms.

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