Mortgage broker gets lifetime ban downgraded
A NSW mortgage broker who was permanently banned from the industry has had his sentence downgraded to three years after an appeal.
Edward Richard George, of Mudgee NSW, received a lifetime ban from the Australia Securities and Investments Commission (ASIC) for dishonest conduct last year for falsifying loan approval and deposit guarantee documents.
He falsified the documents for himself and four clients, according to ASIC, which deemed him not a fit and proper person to be engaging in credit activities.
However, the Administrative Appeals Tribunal (AAT) found the actions were “out of character” and revoked the lifetime ban in favour of a three-year suspension instead.
The AAT took into account the remorse George showed and various character references.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
