A former Sydney-based mortgage broker has been banned from engaging in credit activities for 10 years and had their Australian credit licence cancelled.
The financial services regulator has banned a former mortgage broker from engaging in credit activities, controlling another person who engages in credit activities, and performing any function involved in the engaging in of credit activities for a period of 10 years.
Thi Hoa Trieu – who had been a mortgage broker and held a credit licence from 12 October 2011 – provided mortgage broking services, including arranging home loans, in a company registered under her own name.
However, the Australian Securities & Investments Commission (ASIC) found that Trieu had contravened credit legislation by making false or misleading statements to ASIC in two annual compliance certificates.
This was because she omitted any reference to her termination as a broker with two lenders and an aggregator, and failed to reference having adequate arrangements and systems in place for compliance with the general conduct obligations of Australian credit licensees (compliance arrangements).
The regulator also found she was not a fit and proper person to participate in the credit industry as she made false or misleading statements in documents she was required to lodge with ASIC as an Australian credit licensee and had also failed to maintain books and records evidencing the compliance arrangements. Moreover, ASIC said she failed to ensure that industry funding levies applicable to her licence were paid on time.
Indeed, Trieu had been expelled from AFCA in 2020 after failing to pay her membership levy.
The regulator went on to suggest that the former broker was likely to contravene credit legislation because she “demonstrated a lack of honesty and integrity by submitting documents containing false statements to ASIC”.
ASIC said she also demonstrated a lack of understanding of her obligations under the credit legislation as an Australian credit licensee and did not demonstrate how she would address her lack of understanding.
Trieu’s banning and licence cancellation took effect on 8 December 2025.
However, the MFAA Tribunal had expelled the membership of Trieu in March 2024 after the Tribunal determined that the member failed to act with appropriate skill, care, or diligence when submitting incorrect income supporting information.
Trieu has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
[Related: Former private lender director banned following fraud conviction]
