ASIC turfs lender, bans director

by Adam Smith11 Mar 2013


ASIC is again on the hunt for dodgy credit practices, cancelling the licence of a Cairns lender and banning its director.
The regulator said it has cancelled the ACL of Cairns-based Same Day Money Pty Ltd and banned director Lawrence James Sullivan from engaging in credit activities for four years. ASIC said Sullivan and Same Day Money were not "fit and proper" to engage in credit activities.
The reasoning the watchdog gave for its ban was that Sullivan carried a criminal conviction for obstructing a Queensland Office of Fair Trading inspector, and making false and misleading statements. Sullivan is also alleged to have made false statements to ASIC on the lender's annucal compliance certificate.
"Generally, Mr Sullivan lacks the knowledge, diligence, honesty, integrity and judgement to operate a credit business," ASIC said.
Same Day Money will still have permission to "undertake certain credit activities" until 20 March, ASIC said, at which time it must cease its business.
ASIC commissioner Peter Kell said the action was part of the regulator's focus on improving standards in the industry.
"ASIC is committed to identifying instances of poor practice by those in the credit industry. This action shows that when the required performance and compliance standards are not being met, we will not hesitate to remove individuals and entities from the industry," Kell said.