The corporate regulator has cancelled the Australian credit licence of Cairns-based second-hand car dealer William Barry Young.
After reviewing Mr Young’s dealings with Indigenous customers, ASIC found that he was no longer a member of an ASIC-approved External Dispute Resolution (EDR) scheme and was therefore ineligible to hold a credit licence.
In a statement released today (27 October), the regulator said that Mr Young is now unable to offer loans to customers, collect loans entered into with customers or organise loans for another lender.
ASIC deputy chair Peter Kell said that it was imperative for credit licensees to hold EDR scheme membership.
“Mr Young’s customers were mainly vulnerable, Indigenous consumers and it was essential that they had access to the free dispute resolution services of the Ombudsman.”
Mr Young has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
According to ASIC, Mr Young had not paid his membership fees to the Credit and Investments Ombudsman, who in turn cancelled his membership on 28 March 2017.
This outcome is the result of work by ASIC’s Indigenous Outreach Program (IOP), a dedicated team working on issues faced by Indigenous consumers, staffed by lawyers and analysts, the majority of whom are Indigenous.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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