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.
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