ASIC hits broker with permanent ban

ASIC has permanently banned a Queensland mortgage broker



ASIC has permanently banned a Queensland mortgage broker.

The regulator said it had banned Jiangyong (Jenny) Mao from engaging in credit activities and providing financial services after an investigation found she created and submitted false documents in support of home loan applications for her clients.

ASIC said Mao "is not a fit and proper person" to engage in credit activities, and determined she was "not of good fame or character".

"The integrity of the home loan industry relies upon participants who are honest. ASIC will ban people who deliberately engage in fraudulent conduct," ASIC deputy chair Peter Kell said.

Mao has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.

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