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ISCOVER
Staff Reporter
ASIC has permanently banned a broker from engaging in credit activities after he was found to have engaged in dishonest conduct.
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According to a statement from the industry watchdog, Keith Son, who was the director of VIP Fleet – a Sydney-based motor vehicle and insurance broker – helped numerous clients apply for motor vehicle finance, with the loan proceeds being directly fed into a VIP bank account.
ASIC found Mr Son failed to pay the loan funds to the motor vehicle dealerships for which they were intended and instead used the money for his own purposes.
Mr Son also arranged insurance policies on some vehicles and collected premium payments from customers but failed to pass on the payments to the insurers.
ASIC deputy chairman Peter Kell said individuals licensed to provide financial services who blatantly disregard their duties are not welcome in the industry.
“ASIC will act to remove you from the industry if you fail to comply with financial services laws and breach consumer trust,” Mr Kell said.
