Mortgage broker cops four-year ban

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ASIC has banned a Melbourne mortgage broker for four years from engaging in any credit activities.

In a statement today, ASIC announced that it had banned Mr Angie Skouras for four years from engaging in any credit activities and cancelled the Australian Credit Licence of Global Edge Finance Group following an investigation and subsequent administrative hearing.

As the sole director, responsible manager and key person on the licence of Global Edge, ASIC found that Mr Skouras failed to ensure that Global Edge complied with its obligations under the credit legislation.

ASIC found that Global Edge failed to lodge Annual Compliance Certificates for the 2014 and 2015 years and hold current membership with an ASIC-approved external dispute resolution scheme.

ASIC also found that Global Edge failed to comply with two adverse determinations made by the Credit and Investments Ombudsman requiring the payment of $197,231 and $129,021 respectively.

ASIC found that as a result of the above, Mr Skouras was not a fit and proper person to engage in credit activities.

“While ASIC expects directors of companies to manage the affairs in strict [accordance] with the law, there is a heightened expectation if they provide financial and credit services to consumers,” ASIC commissioner Greg Tanzer said.

“As this case shows, directors who fail to meet those standards will be held to account and face significant consequences.”

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