Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Watchdog permanently bans WA broker

Notify me of new replies via email
Australian Broker | 07 Feb 2013, 05:00 AM Agree 0
ASIC has handed a permanent ban to a WA broker over numerous compliance breaches
  • Keith B | 06 Feb 2013, 01:57 PM Agree 0
    ASIC blowing their trumpet, this broker would have been banned pre NCCP without anyone trying to justify their existence.
  • Country Broker | 06 Feb 2013, 02:02 PM Agree 0
    He was gone and it is about time ASIC took the stance.
  • Frostie | 06 Feb 2013, 02:09 PM Agree 0
    ASIC should be held before the Discrimination Tribunal for failing to offer consistant and equal attention to the Finance Industry overall. ASIC has not and still does not know how to advise any Financial Institution on NCCP and has no power over the banks / lending institutions to control their behaviour. ASIC is taking the easy way out by destroying brokers who are only the intermediate between such institutions and the customer. ASIC is biased and a disgrace to the industry.
  • Bris Broker | 06 Feb 2013, 02:16 PM Agree 0
    Good work ASIC. We can all do with less crooks in this world!
  • Jack | 06 Feb 2013, 02:19 PM Agree 0
    ASIC can dish out a life ban for broker who has errd but when it comes to corporate directors losing millions only dishes out a couple of years of no directorships.
  • ian | 06 Feb 2013, 02:20 PM Agree 0
    @frostie, you may well be correct in your comments, however if the actions listed above are indeed what happened, then this broker should have been removed a long time ago.
  • Terry | 06 Feb 2013, 02:35 PM Agree 0
    @ Frosty, you may well be right mate. but the breaches listed are major breaches and not some minor infringement. operating a trust acount carries a lot of responsability and in any industry you don't go putting trust funds in personal accounts, check with the Law Society or the Australian Institute of Conveyancers the punishment is the same. we dont need this in any industry so happy to see him gone.
  • Concerned | 06 Feb 2013, 03:55 PM Agree 0
    If the Broker has erred, the outcome is suitable. Let Regulators find ways to get the big fish as well without loosing much time. However, ASIC may have to tighten the followup process thereafter. Banned Broker may still operate the business same way under different business name.
  • Stephen Dinte | 06 Feb 2013, 04:17 PM Agree 0
    The one thing that seems to have been overlooked here involves the action or inaction of the ACL holder who authorised this credit rep. Were they complicit in all of this? What action if any did ASIC take in regard to their failure to properly monitor the actions of their CR?
  • Tim | 06 Feb 2013, 04:23 PM Agree 0
    Frosty and Concerned. You are both right with some of your comments but this bloke Patniotis seems to have found too many ways to break the laws to not draw attention to himself. Trust account breaches, no license, misused lenders funds and lent to high risk borrowers. My concern is with those lenders who continually allow their staff to breach the "not unsuitable" criteria with no penalty. EG; Saw clients last week where male applicant aged 66 doesn't work and female applicant aged 69 is retiring from work in April. Minimal funds in savings, super etc and only future source of income is pension and small annuity yet a major lender gave them pre-approval for $250k loan over 25 years based on the female applicants' current income. Had to sit them down and make them rethink their future plans. They asked why would the loans officer give them the impression they would qualify for the higher amount? Now that is a question for ASIC !!!!!
  • David | 06 Feb 2013, 05:01 PM Agree 0
    Frostie, I think you miss the point. ASIC isn't there to offer advice on the NCCP. ASIC's job is to enforce it. If you want advice - go to a lawyer. BTW, Licensed Credit providers are subject to NCCP - and that includes banks and other credit providers. Seems to me that if what has been reported actually occured, then the person subject to the banning order deserved it.
  • Ray | 06 Feb 2013, 05:03 PM Agree 0
    Well done ASIC :)
  • Broker - 15 Years | 07 Feb 2013, 02:05 PM Agree 0

    The less "Unprofessional" Brokers in our industry the better ... For Borrowers, Brokers & Banks !!!
  • Positive Broker | 08 Feb 2013, 10:54 AM Agree 0
    Yeah, I wouldn't criticise ASIC on this one. This bloke should probably be in jail so the quicker we turf these guys the better for all of us honest brokers.
Post a reply