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ISCOVER
Staff Reporter
Home Mortgages Australia director Erin Watson has been permanently banned from providing financial services after it was revealed she had engaged in misleading and deceptive conduct.
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ASIC also banned Ms Watson for failing to hold an Australian Financial Services (AFS) licence.
According to ASIC’s investigation, between March 2007 and February 2008 neither Ms Watson nor her companies (Home Mortgages Australia, Home Equity, and Credit) held an AFS licence, nor was she an authorised representative of an AFS licensee.
However during this period Ms Watson met with potential investors, dealt with clients and signed agreements entered into by Home Mortgages Australia.
In addition, ASIC found that from September 2006 to March 2008 Ms Watson used clients’ monies to pay her home loan, family members, clients of Home Equity and companies associated with Home Equity.
ASIC banned Ms Watson in order to protect the public, deter similar conduct and maintain investor and consumer confidence in the financial services industry.
Ms Watson has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
