ASIC has permanently banned a fifth broker from Perth-based finance brokerage, Get Approved Finance.
The regulator has banned Grant Aaron Parker after an investigation found that Parker engaged in misleading conduct when brokering motor vehicle financing for four clients in 2012.
At the time, Parker was employed as a finance broker for Get Approved Finance of Victoria Park in Western Australia. He is the fifth broker from Get Approved Finance to be banned by ASIC.
According to the regulator, Parker misled vulnerable clients with poor credit histories to believe they would be approved for vehicle finance if their loan applications were supported by guarantors. He then dishonestly prepared loan applications solely in the names of the proposed guarantors without those persons' knowledge or consent.
ASIC also found that Parker facilitated the issuing of financial products in his clients' name and inflated loan amounts by selling and financing insurance and warranty products without his clients' knowledge or consent.
ASIC deputy chairman Peter Kell said the banning reinforces the strong message to any broker considering engaging in misleading conduct.
“ASIC will not hesitate to permanently remove those who engage in misleading conduct from the industry,” Kell said.