Mortgage broker banned for five years
A Melbourne mortgage broker has been banned for five years and his company's Australian credit licence cancelled after breaching credit laws.
According to the Australian Securities and Investments Commission (ASIC), Tony Quach was the sole director of TQ Smartchoice when he submitted six home-loan applications to two lenders that contained false or misleading information.
The information related to applicants' income, employment and savings.
In all instances, Quach obtained information and documents from a source other than the applications and failed to verify that information with the applicants.
In some cases, he failed to meet the applicant before submitting an application to a lender and, in other instances, he met the applicant but still submitted applications from a person other than the applicant.
The regulator's investigation is continuing.
"ASIC takes allegations of loan fraud very seriously," ASIC Deputy Chairman Peter Kell said.
"We will continue to remove from the industry those involved in misleading loan applications."
Quach and TQ Smartchoice can appeal the decision with the Administrative Appeals Tribunal.
ASIC recently lodged a second submission to the Senate Economics References Committee inquiry regarding its role and performance since taking over national responsibility for credit in 2010.
Its recent investigations into loan fraud include Daniel Duy Anh Nguyen, who pleaded guilty to five charges of giving false or misleading information earlier this month.
Before that, permanent bannings were handed down to Edward Richard George (21 August) and Eric Ying Ching Chu (17 July).
The regulator is currently undertaking 20 loan-fraud investigations.
AUTHOR
Staff Writer
Recommended for you
The popularity of ETFs, which are approaching $200 billion in Australia, is a potential threat to the advice landscape if consumers opt to invest directly, according to this senior partner.
A former AMP financial adviser has urged advisers in the BOLR class action against AMP to object to the “unfair and unreasonable” $100 million settlement sum as the objection deadline approaches on 22 May.
Two Victoria-based financial advice practices have merged and rebranded as Forbes Fava Saville Financial Planning, as the firm realises the benefits of added scale.
The Financial Services and Credit Panel has made its latest ruling over a case involving an incorrect Statement of Advice.
