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ASIC bans Brisbane mortgage broker

by James Mitchell4 minute read

ASIC has permanently banned a Queensland-based home loan broker from engaging in credit activities and providing financial services.

An ASIC investigation found that Ms Jiangyong (Jenny) Mao created and submitted false documents to support home loan applications for her clients.

ASIC has determined that Ms Mao is not a fit and proper person to engage in credit activities and is not of good fame or character, making her an unsuitable person to provide financial services.

“The integrity of the home loan industry relies upon participants who are honest. ASIC will ban people who deliberately engage in fraudulent conduct,” ASIC deputy chair Peter Kell said.

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

Ms Mao, of South Brisbane, Queensland, operated a home loan broking company, Diamond Lady Group Pty Ltd (Diamond Lady Group) which held an Australian credit licence from 2010 until 2014.

Since May 2015 Ms Mao and Diamond Lady Group have been authorised representatives of Finsure Finance and Insurance Pty Ltd.

ASIC has been active in dealing with loan fraud involving mortgage and finance brokers.

Since becoming the national regulator of consumer credit in 2010, ASIC has achieved significant loan fraud outcomes including the banning of 31 individuals or companies (including 16 permanent bans).

ASIC has also obtained convictions in six criminal actions, with four defendants currently before the courts.

[Related: ASIC bans Melbourne broker]

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James Mitchell

James Mitchell

AUTHOR

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

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