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Friday 9 December 2016

16-432MR AAT affirms ASIC's permanent ban of former Get Approved Finance broker

The Administrative Appeals Tribunal (AAT) has affirmed the ASIC decisions to permanently ban former Perth-based finance broker Mr Grant Aaron Parker from engaging in credit activities and providing financial services. 

In affirming the ASIC decisions, the AAT found that a permanent banning order of Mr Parker was appropriate as he had intentionally misled his clients, third parties and Esanda and his dishonest conduct was repeated and premediated. The AAT also found that there was reason to believe that Mr Parker has contravened and was likely to contravene credit and financial services legislation, that he was not a fit and proper person to engage in credit activities and that he was not of good fame and character. 

ASIC banned Mr Parker, a former Get Approved Finance broker, in April 2016 after it was found that he 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 (refer: 16-132MR).  

Mr Parker filed an application in the AAT for a review of the ASIC decisions on 19 May 2016.  

Background 

Three former Get Approved finance brokers, Mr Eric-John Pryor, Mr Lachlan McDonald (15-189MR) and Mrs Julie Vanzyl (16-116MR) were also permanently banned and Ms Rana Hepi, banned for eight years (15-374MR), from engaging in credit activities or providing any financial services for similar conduct whilst arranging vehicle finance for clients. 

Get Approved Finance was the trading name of Western Australia-based finance broker Jeremy (WA) Pty Ltd, and operated under its credit licence.     

In October 2015 Esanda agreed to compensate more than 70 borrowers for car loans organised by Get Approved Finance (15-312MR). The remediation amounted to $1,024,154.90 to resolve, comprising $123,664.89 in bad debt write-offs, $145,414.57 in refunds to customers, with the balance equating to lost future loan repayments including unearned interest. 

ASIC's investigation into the conduct of Get Approved Finance continues.  

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Last updated: 09/12/2016 12:50