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.
AUTHOR
Kate Cowling
Recommended for you
Over half of wealth management clients in Asia-Pacific say they are looking for more advice in investment and financial planning services, according to EY, and may switch or add new providers to achieve this.
As artificial intelligence continues to reshape how the advice industry operates, Adviser Ratings unpacks which areas advisers are using the technology to improve the client experience.
Insignia Financial has appointed the former APAC head of a global asset manager to its board.
Financial advisers have been warned against advising clients to withdraw superannuation for medical or dental treatments as a new report highlights the long-term effect on balances at retirement.
