ASIC bans NSW finance broker, suspends brokerage

Business was operating since 1989

ASIC bans NSW finance broker, suspends brokerage


By Ryan Johnson

ASIC has banned a NSW finance broker from engaging in credit activities and suspended his company for two years.

The regulator alleged that Parramatta broker, Robin Raju, submitted to ASIC on September 25, 2022, a Credit Licence Annual Compliance Certificate for his company, Robin Raju & Associates (RRA), which contained “false or misleading statements”.

This contravened the obligation to act efficiently, honestly, and fairly, according to ASIC.

RRA, which included business and finance brokers, practising accountants, chartered managers, and business consultants has been operating since 1989, according to its Linkedin page.

“Raju did not disclose that he had been the subject of disciplinary action by the Tax Practitioners Board, among other matters,” ASIC said in a press release on its website.

ASIC found that Raju contravened the National Consumer Credit Protection Act 2009 (Credit Act) and made a banning order that prohibits him engaging in credit activities for two years.

Additionally, ASIC found that RRA contravened the Credit Act by failing to truthfully answer questions on its Annual Compliance Certificate.

“Given the findings about Mr Raju, RRA does not have a fit and proper person as its officer as required by the Credit Act,” ASIC said. “The RRA credit licence has no effect while it remains suspended.”

Raju’s prohibition against engaging in credit activities and RRA’s licence suspension took effect on December 7, 2023.

Raju and RRA have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.


Section 80 of the Credit Act allows ASIC to ban a person from participating in the credit industry if the person, among other things, has contravened any credit legislation.

A banning order can, under section 81 of the Credit Act, prohibit or restrict a person who participates in the credit industry in specific ways.

Section 55 of the Credit Act allows ASIC to suspend or cancel a credit licence if, among other things, ASIC believes that the licensee cannot satisfy the fit and proper person requirement. If the licensee is a corporation, it will not meet that requirement if its officer is not a fit and proper person.

ASIC maintains a banned and disqualified persons register that provides information about people who have been disqualified from:

  • involvement in the management of a corporation;
  • auditing self-managed superannuation funds (SMSFs); or
  • practising in the financial services or credit industry. has useful information for consumers about using a mortgage broker and how to complain about a business.

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