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Compliance

Loan fraud on regulator's radar

by Staff reporter2 minute read

ASIC believes the outcomes reflected in its latest enforcement report demonstrate its commitment to crack down on loan fraud.

According to the report, ASIC achieved 285 enforcement outcomes in the financial services sector during 2014.

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Of those enforcements, 94 were credit-related, 92 were related to “other financial services misconduct” and 74 involved dishonest conduct.

Only 22 of those enforcements involved misappropriation, theft and fraud, while three cases involved unlicensed conduct.

ASIC commissioner Greg Tanzer said the results show that the consequences are significant for those who steal and deceive.

“ASIC investigates serious white collar crime. We have recently completed several significant enforcement actions after detecting serious fraud by company directors and officers, committed against the companies they serve and the investing public,” he said.

The regulator highlighted in its report that it has “a clear commitment to tackling loan fraud involving false loan applications and related documents”.

[Related: Aggregator reveals how to detect mortgage fraud]

Loan fraud on regulator's radar
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