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ASIC has banned former Finsure broker Rodney Peter Maher after he was found to be “reckless” in providing supporting home loan documents that were “false” or “materially misleading.”
The Australian Securities & Investments Commission has banned the Victoria-based broker from engaging in credit activities, controlling other persons who engage in credit activities, and performing any function involved in engaging in credit activities.
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The six-year ban comes after ASIC found “several” supporting loan documents provided by Mr Maher were proven to be false, while he was a credit representative of Finsure Finance and Insurance.
Finsure intially reported the matter to ASIC in 2019, following a breach to its internal compliance framework, Finsure chief executive Simon Bednar said.
“Finsure has co-operated with ASIC over the course of the investigation to achieve a positive result for Finsure, ASIC and the industry,” Mr Bednar said.
“This comes as a result of a collaborative working relationship with ASIC to remove non-compliant brokers from the industry.
“Finsure will continue to work with ASIC to ensure improvements in industry standards and maintenance of a working relationship with the regulator.”
Mr Maher, who was a representative of Finsure from January 2014 to September, has the right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal.
The banning is part of ASIC’s ongoing efforts to improve standards across the financial services industry.
The corporate watchdog said mortgage brokers “must act diligently” and comply with credit legislation.
It follows the 10-year banning of former financial adviser and broker Mark Babbage, after having been jailed for breaking COVID-19 rules to attend a football match as well as ex-broker Daniel Wilson’s permanent ban and fine, after he was found to have used false supporting documents while working as a used-car dealer.
[Related: Former finance broker fined for fraud]
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