ASIC bans Melbourne credit representative
The Australian Securities and Investments Commission (ASIC) has banned a former Melbourne credit representative from undertaking credit activities for five years.
The regulator found Andrew Douglas McClure created and submitted false documents to support home loan applications.
McClure processed applications for Melbourne-based property investment and finance business Money Choice in 2010. In 2013, ASIC cancelled the Australian credit licence of Money Choice and banned its sole director Matthew George for eight years for home loan-related misconduct.
McClure was found to have submitted false accountants' letters and did not check documentation for three home loans referred to him by Money Choice.
He also admitted he submitted false letters for four other home loans in 2010 and 2011 for non-Money Choice customers.
"This sort of conduct can put customers in financial difficulty if they obtain a loan that, in the long run, they cannot afford," ASIC deputy chairman Peter Kell said.
ASIC banned George in May last year after it found he had failed to comply with credit laws, responsible lending shortfalls, and was involved in cases of unlicensed self-managed superannuation fund advice.
He gave advice to clients on setting up an SMSF for purchasing property even though he was not licensed to do so.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
