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ISCOVER
Jessica Darnbrough
One year after NCCP came into play ASIC has made it clear that brokers who break the rules will lose their licence.
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Yesterday, the industry regulator cancelled the credit licence of Melbourne-based Star Alliance Financial Services and banned its director following an investigation.
Prasanna Indrajith Wijesekara, of South Morang, Victoria was permanently banned from engaging in credit activities following concerns over his conduct as a mortgage broker in 2010 and certain statements made in his company's credit licence application.
According to a statement by ASIC, Star Alliance's credit licence application failed to state that AMP Bank had cancelled Mr Wijesekara's accreditation as a broker on 13 May 2010.
In addition, ASIC had reason to believe that Mr Wijesekara was not a fit and proper person to engage in credit activities on the basis that he submitted false or misleading information to ASIC; and he provided falsified documents and false or misleading information to AMP Bank in support of a loan application in 2010.
"These outcomes demonstrate ASIC's ongoing commitment to ensuring that only those who meet requisite standards of honesty and integrity are permitted to participate in the consumer credit industry," ASIC commissioner Peter Kell said
Mr Wijesekara and Star Alliance have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decisions.
