Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Melbourne broker banned for four years

Melbourne broker banned for four years

ASIC has banned a Melbourne mortgage broker for four years from engaging in any credit activities.

The corporate watchdog announced in a statement that it had banned Angie Skouras for four years from engaging in any credit activities and cancelled the Australian Credit Licence of Global Edge Finance Group following an investigation and subsequent administrative hearing.

As the sole director, responsible manager and key person on the licence of Global Edge, ASIC found that Mr Skouras failed to ensure that Global Edge complied with its obligations under the credit legislation.

Advertisement
Advertisement

ASIC found that Global Edge failed to lodge Annual Compliance Certificates for the 2014 and 2015 years and hold current membership with an ASIC-approved external dispute resolution scheme.

ASIC also found that Global Edge failed to comply with two adverse determinations made by the Credit and Investments Ombudsman requiring the payment of $197,231 and $129,021 respectively.

ASIC found that as a result of the above, Mr Skouras was not a fit and proper person to engage in credit activities.

“While ASIC expects directors of companies to manage the affairs in strict [accordance] with the law, there is a heightened expectation if they provide financial and credit services to consumers,” ASIC commissioner Greg Tanzer said.

“As this case shows, directors who fail to meet those standards will be held to account and face significant consequences.”

[Related: Penalised lender responds to ASIC action]

 

Melbourne broker banned for four years
mortgagebusiness

 

Latest News

Three more lenders have announced cuts to their interest rate floors for home loan serviceability assessments in response to APRA’s new gu...

Mortgage-holders are wasting approximately $4.2 billion annually in “unnecessary” interest costs, according to new research. ...

Property price declines have wiped approximately $5.5 billion in revenue from state government budgets, according to a new analysis from Moo...

FROM THE WEB
podcast

LATEST PODCAST: New banks and bank CEOs

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.