ASIC bans mortgage broker

She cannot engage in credit activities for five years, and the credit licence of her company has been cancelled

ASIC bans mortgage broker


By Madison Utley

ASIC has banned a New South Wales mortgage broker from engaging in credit activities for five years and cancelled the credit licence of her company.

Bonnyrigg Heights-based broker Nee Tanner was the sole director and responsible manager of NT Financial Services Pty Ltd (NTFS).

ASIC found Tanner was reckless in providing documents in support of home loan applications that were materially misleading; several documents she submitted to lenders to demonstrate employment or income, in support of home loan applications, were found to be false.

According to Tanner’s company website, she has been working in the mortgage industry for over six years, following on from her previous seven years working for solicitors in the area of conveyancing and three years spent in real estate.

Tanner’s website highlights her time working in legal firms, claiming the experience “reinforced her attention to detail and commitment to compliance” as required by ASIC and other professional bodies in the finance industry.

NT Financial Services provided a wide range of financial products including home loans, first home owners grants, self-employed, full and low doc loans, commercial loans and personal loans, as well as other services such as leasing, insurance, investment strategies and self-managed superannuation fund establishment and administration.

In announcing Tanner’s banning, ASIC reiterated that “mortgage brokers and credit licensees must act diligently and comply with the credit legislation”.

Tanner and NTFS have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

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