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17-347MR ASIC permanently bans convicted car yard loan-writer
ASIC has permanently banned Daniel Kenneth Wilson from engaging in credit activities. Mr Wilson wrote and submitted loans for customers buying vehicles from Combined Motor Traders, a Cranbourne used-car dealership, between 2013 and 2014.
ASIC found that five of the loans submitted by Mr Wilson and approved by Esanda, a division of ANZ, contained false information relating to income verification and employment status.
In banning Mr Wilson, ASIC also took into consideration Mr Wilson's adverse criminal record, which included convictions for theft and possessing counterfeit money.
'ASIC will not hesitate to remove those from the industry who think that submitting false information to lenders is an acceptable practice' said ASIC Deputy Chairman, Peter Kell.
'Lenders need to ensure they have proper procedures in place to supervise those submitting loan applications. If commissions are driving fraudulent applications, change needs to occur.'
Mr Wilson has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.
ASIC has taken actions against a number of other loan-writers, representatives or brokers operating in the car finance market, including:
- permanently banning four brokers: Mr Eric-John Pryor, Mr Lachlan McDonald (15-189MR), Mrs Julie Vanzyl (16-116MR) and Mr Grant Parker (16-132MR).
- banning a broker, Ms Rana Hepi, for eight years (15-374MR).
Car dealerships may operate under an exemption, commonly known as the ‘point of sale’ exemption (POS exemption). The POS exemption allows a car dealership to provide assistance to consumers to obtain finance from licensed credit providers. The proceeds of the finance can only be used to pay for goods and services supplied by the dealership.