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The Administrative Appeals Tribunal has affirmed the Australian Securities and Investments Commission's decisions to permanently ban a former Perth-based finance broker from engaging in credit activities and providing financial services.
In affirming ASIC's decisions, the AAT found that a permanent banning order of Mr Grant Aaron Parker was appropriate as he had “intentionally misled his clients, third parties and Esanda and his dishonest conduct was repeated and premeditated”.
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The AAT also found that there was reason to believe that Mr Parker had contravened and was likely to contravene credit and financial services legislation, that “he was not a fit and proper person to engage in credit activities and that he was not of good fame and character”.
ASIC banned Mr Parker, a former Get Approved Finance broker, in April 2016 after it was found that he misled vulnerable clients with poor credit histories to believe they would be approved for vehicle finance if their loan applications were supported by guarantors.
According to the corporate watchdog, Mr Parker then dishonestly prepared loan applications solely in the names of the proposed guarantors without those persons' knowledge or consent.
Mr Parker filed an application in the AAT for a review of the ASIC decisions on 19 May 2016.
Get Approved Finance was the trading name of Western Australia-based finance broker Jeremy (WA) Pty Ltd, and operated under its credit licence.
In October 2015 Esanda agreed to compensate more than 70 borrowers for car loans organised by Get Approved Finance. The remediation amounted to $1,024,154.90 to resolve, comprising $123,664.89 in bad debt write-offs and $145,414.57 in refunds to customers, with the balance equating to lost future loan repayments including unearned interest.
ASIC's investigation into the conduct of Get Approved Finance continues.
[Related: Brokerage sees fifth loan writer banned]
