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WA broker cops permanent ban

A former Perth-based finance broker has been permanently banned from engaging in credit activities and providing financial services.

ASIC found that Mrs Julie Maree Vanzyl, of Coimadai, Victoria, engaged in dishonest and misleading conduct when brokering motor vehicle financing for three clients in 2012. At the time, Mrs Vanzyl was employed as a finance broker for Get Approved Finance in Victoria Park, Western Australia.

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

According to ASIC, Mrs Vanzyl misled vulnerable clients with poor credit histories to believe they would be approved for vehicle finance if their loan applications were supported by guarantors.

“Mrs Vanzyl then dishonestly prepared loan applications solely in the names of the proposed guarantors without those persons’ knowledge or consent. As a result, Esanda, as the credit provider, financed automotive loans which it otherwise was unlikely to have approved,” ASIC said in a statement.

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ASIC also found that Mrs Vanzyl inflated loan amounts by selling and financing insurance products without her clients’ knowledge or consent, and misled Esanda about the existence of insurance policies for clients who were settling loans.

ASIC deputy chairman Peter Kell said Mrs Vanzyl's ban sends a strong message to any broker considering dishonest behaviour.

“ASIC will not hesitate to permanently remove those who engage in dishonest and misleading conduct from the industry,” Mr Kell said.

Mrs Vanzyl has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

Meanwhile, two former Get Approved finance brokers, Eric-John Pryor and Lachlan McDonald were also permanently banned and Rana Hepi banned for eight years from engaging in credit activities or providing any financial services for similar conduct while arranging vehicle finance for clients.

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In October 2015, Esanda agreed to compensate more than 70 borrowers for car loans organised by Get Approved Finance. The total value of the loans financed was more than $1.38 million.

ASIC’ s investigation into the conduct of Get Approved Finance and Esanda is ongoing.

ASIC is also continuing to review the sale of insurance products sold in connection with car finance by Get Approved Finance.

[Related: Esanda compensates consumers for broker misconduct]

WA broker cops permanent ban
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