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ASIC has permanently banned a Perth-based finance broker from engaging in credit activities and providing financial services.
The corporate watchdog found that Grant Aaron Parker, of Alfred Cove in Western Australia, engaged in misleading conduct when arranging motor vehicle finance for four clients in 2012 as an employee of Get Approved Finance.
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ASIC said Mr Parker misled vulnerable clients with poor credit histories to believe they would be approved for vehicle finance if their loan applications were supported by guarantors.
Mr Parker then dishonestly prepared loan applications solely in the names of the proposed guarantors without those persons’ knowledge or consent, the regulator said.
ASIC also found that Mr Parker facilitated the issuing of financial products in his clients’ name and inflated loan amounts by selling and financing insurance and warranty products without his clients’ knowledge or consent.
Mr Parker is the fifth broker from Get Approved Finance to be banned by ASIC, after Julie Maree Vanzyl, Rana Turkington Hepi, John Larry Prior and Peter Lachlan McDonald were also found to have breached the National Consumer Credit Protection Act 2009.
Get Approved Finance was the trading name of Western Australia-based finance brokerage Jeremy (WA) Pty Ltd, and operated under its credit licence.
ASIC deputy chairman Peter Kell said Mr Parker’s banning reinforces a strong message to any broker considering engaging in misleading conduct.
“ASIC will not hesitate to permanently remove those who engage in misleading conduct from the industry,” he said.
[Related: Esanda compensates consumer for broker misconduct]
