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ASIC has banned a former RAMS broker for five years after he created and submitted false documents for home loan applications.
The broker, Mr Andrew McClure, was found to have processed applications referred to him by a firm called Money Choice. In 2013, ASIC cancelled the Australian credit licence of Money Choice and banned its director, Matthew George, for eight years for similar misconduct.
ASIC’s investigation found Mr McClure created and submitted false accountant’s letters and failed to verify documentation in support of three home loans referred to him by Money Choice.
Mr McClure had worked for RAMS Home Loans from July 2010 until August 2011 and during this time he admitted to creating and submitting false accountant’s letters in relation to another four home loans.
ASIC’s deputy chairman Peter Kell said of the decision: “This sort of conduct can put consumers in financial difficulty if they obtain a loan that, in the long run, they cannot afford.
“We will act to ensure those who engage in this conduct are removed from the industry,” Mr Kell said.
Mr McClure has the right to appeal to the Administrative Appeals Tribunal for review of ASIC’s decision.
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