Convicted loan writer permanently banned

ASIC found that five of the loans submitted by Mr Wilson and approved by Esanda, a division of ANZ, contained false information relating to income verification and employment status.

In banning Mr Wilson, ASIC also took into consideration Mr Wilson's adverse criminal record, which included convictions for theft and possessing counterfeit money.

“ASIC will not hesitate to remove those from the industry who think that submitting false information to lenders is an acceptable practice,” ASIC deputy chairman Peter Kell said.

“Lenders need to ensure they have proper procedures in place to supervise those submitting loan applications. If commissions are driving fraudulent applications, change needs to occur.”

ASIC's investigations in this matter are ongoing.

Mr Wilson has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.