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Suncorp scam leads to first broker ban

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Australian Broker | 29 Mar 2011, 08:00 AM Agree 0
Former finance broker Yan Li of Wolli Creek in Sydney has been dealt ASIC's first permanent ban under the NCCP Act
  • Keith Bridges | 29 Mar 2011, 02:35 PM Agree 0
    I don't know why ASIC is blowing its trumpet here. MFAA have expelled the broker he will never work in our industry again nor should he..this action would have occurred with or without NCCP.
  • Pointing out the facts | 29 Mar 2011, 02:56 PM Agree 0
    Dear Keith, the MFAA banning would NOT and DID NOT stop him from operating. In fact, there have been many instances of expelled MFAA members joining the other Industry Bodies and continuing to operate. Some have even been on the council of the other bodies. At least under ASIC control, these characters will be forced out once and for all.
  • Chen | 29 Mar 2011, 05:15 PM Agree 0
    ASIC, Good work! I want to see more of this life time banning activities in our professional sphere. It is time to clean up, and I hope ASIC takes the leading role to start auditing the brokers' work. Keep up the good work for the Professionals, thank you ASIC.
  • What facts | 29 Mar 2011, 09:50 PM Agree 0
    Hey "pointing out the facts" it sounds like you are rumour mongering - what industry bodies are you talking about - the FBAA? If you really have "factual truth" on such people why not be a good citizen and report them to ASIC.
  • Ozboy | 30 Mar 2011, 09:17 AM Agree 0
    So is this another nail in the MFAA coffin? Why do we need them, I can get my education from anyone, my code of conduct is stronger than theirs and my aggregator (finally) hosts a better annual conference.
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