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ISCOVER
Staff Reporter
The Australian Securities and Investments Commission (ASIC) has stayed true to its decision to ‘crack down’ on wayward mortgage advisers and credit businesses, with the industry watchdog cancelling yet another Australian Credit Licence (ACL).
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Yesterday, ASIC announced it had cancelled the ACL of Same Day Money, a Cairns-based business, and banned its director, Lawrence James Sullivan, from engaging in credit activities for four years.
Same Day Money provided mostly short-term credit to consumers Australia-wide, but operated primarily in north Queensland.
According to a statement from ASIC, Mr Sullivan and Same Day Money were deemed not fit and proper to engage in credit activities because of Mr Sullivan’s criminal conviction on 28 June 2012 for offences of obstructing a Queensland Office of Fair Trading inspector and making a statement knowing it to be false or misleading pursuant to the Consumer Credit (Queensland) Act.
In addition, Same Day Money was convicted on 28 June 2012 of the same offences, while Mr Sullivan was found to have made false statements to ASIC in relation to Same Day Money's ACL Annual Compliance Certificate and other forms lodged with ASIC.
Same Day Money has permission to undertake certain credit activities until 20 March 2013, after which it must cease its credit business.
“ASIC is committed to identifying instances of poor practice by those in the credit industry. This action shows that when the required performance and compliance standards are not being met, we will not hesitate to remove individuals and entities from the industry,” ASIC commissioner Peter Kell said.
Same Day Money and Mr Sullivan have the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal
