ASIC bans broker from credit
The Australian Securities and Investments Commission (ASIC) has banned mortgage broker, Michael Wilkins, from engaging in credit activities after he provided a bank with false or misleading information on behalf of his clients.
Announcing the banning, ASIC said Wilkins was a mortgage broker and helped clients to arrange finance to purchase properties. It found that on five occasions in June and July 2010, Wilkins submitted loan applications on behalf of clients in which he deliberately overstated their savings by between about $130,000 and $179,000.
The ban was part of ASIC’s ongoing investigation into ‘The Heritage Group’, which advised clients to set up self-managed superannuation funds (SMSF) and buy property with their superannuation.
Wilkins may appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
AUTHOR
Anastasia Santoreneos
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
