Broker cops four year ban from ASIC

by AB10 Feb 2016
ASIC has banned a mortgage broker from engaging in credit activities and has cancelled his Australian credit licence following an investigation and subsequent administrative hearing.

Angie Skouras has been banned from the industry by the regulator for four years and has had the Australian credit licence of his company, Global Edge Finance Group, cancelled.

As the sole director, responsible manager and key person on the licence of Global Edge, ASIC found that Skouras failed to ensure that Global Edge complied with its obligations under the credit legislation.

The investigation found that Global Edge failed to lodge Annual Compliance Certificates for the 2014 and 2015 years, hold current membership with an ASIC approved external dispute resolution scheme and comply with two adverse determinations made by the Credit and Investments Ombudsman requiring the payment of $197,231 and $129,021 respectively. 

As a result of the above, ASIC concluded Skouras was not a fit and proper person to engage in credit activities.

“While ASIC expects directors of companies to manage the affairs in strict abeyance with the law, there is a heightened expectation if they provide financial and credit services to consumers. As this case shows, directors who fail to meet those standards will be held to account and face significant consequences,” ASIC commissioner Greg Tanzer said.