Broker News

Perth broker fails in appeal to overturn permanent ban

An ASIC ruling to permanently ban a Perth-based finance broker has been upheld on appeal.

In May 2016, ASIC announced it had permanently banned Grant Aaron Parker from engaging in credit activities and providing financial services after an investigation revealed he had engaged in misleading conduct in his professional capacity as a motor finance broker at Get Approved Finance, in Victoria Park, Western Australia.

“ASIC banned Mr Parker, a former Get Approved Finance broker, in April 2016 after it was found that he misled vulnerable clients with poor credit histories to believe they would be approved for vehicle finance if their loan applications were supported by guarantors,” the regulator said in a statement.

“Mr Parker then dishonestly prepared loan applications solely in the names of the proposed guarantors without those persons' knowledge or consent.”

In May, Parker filed an application in the Administrative Appeals Tribunal (AAT) for a review of the ASIC decision.

However, the AAT upheld ASIC’s decision, finding the permanent banning order appropriate given Parker “intentionally misled his clients, third parties and Esanda and his dishonest conduct was repeated and premeditated”.

“The AAT also found that there was reason to believe that Mr Parker has contravened and was likely to contravene credit and financial services legislation, that he was not a fit and proper person to engage in credit activities and that he was not of good fame and character,” ASIC’s statement said.

The regulator says its investigation into the conduct of Get Approved Finance remains ongoing.

Published on: Monday, December 12, 2016

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