ASIC bans Sydney mortgage broker for 10 years over false statements

ASIC has banned Sydney‑based mortgage broker Thi Hoa Trieu from the credit industry for 10 years and cancelled her Australian credit licence, after finding she made false or misleading statements and failed to comply with key licence obligations.

Trieu, who held a credit licence from 12 October 2011 and provided mortgage broking services including arranging home loans, is banned from engaging in credit activities, controlling another person who engages in credit activities, and performing any function involved in credit activities for a decade.

ASIC’s ban on Trieu comes amid a wider enforcement push on compliance and gatekeeper failures, with the regulator also recently moving against other advice and planning firms over organisational competence, oversight, and disclosure shortcomings.

False statements and compliance failures trigger ban

ASIC found that Trieu:

• Contravened credit legislation by making false or misleading statements to ASIC in two annual compliance certificates, as she omitted any reference to:
  • her termination as a broker with two lenders and an aggregator; and
  • whether she had adequate arrangements and systems in place to comply with the general conduct obligations of Australian credit licensees (Compliance Arrangements)
• Is not a fit and proper person to participate in the credit industry because she:
  • made false or misleading statements in documents she was required to lodge with ASIC as an Australian credit licensee
  • failed to maintain books and records evidencing the Compliance Arrangements
  • failed to ensure that industry funding levies applicable to her licence were paid on time
• Is likely to contravene credit legislation in future because she:
  • showed a lack of honesty and integrity by submitting documents containing false statements to ASIC
  • showed a lack of understanding of her obligations under the credit legislation as an Australian credit licensee and did not demonstrate how she would address that lack of understanding

Trieu was the sole fit and proper person and responsible manager under her credit licence, meaning she alone was responsible for ensuring appropriate systems, records, and compliance arrangements were in place.

Her banning and licence cancellation took effect on 8 December 2025. She has the right to appeal ASIC’s decision to the Administrative Review Tribunal.

Read the ASIC announcement.

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