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Melbourne mortgage broker gets 10-year ban from ASIC
Australia’s securities regulator has handed down a 10-year ban on a Melbourne-based mortgage broker.
Melbourne mortgage broker gets 10-year ban from ASIC
Australia’s securities regulator has handed down a 10-year ban on a Melbourne-based mortgage broker.
A Melbourne-based mortgage broker has been the latest to feel the wrath of the Australian Securities and Investments Commission (ASIC).
The regulator has issued a 10-year ban on providing financial services and engaging in credit activities to former mortgage broker Richard Pusey.
ASIC was pretty damning of Mr Pusey, saying that he had no regard for the law, lacks the attributes of good character, and “is not a fit and proper person to participate in the financial services and credit industries”.
Prior to the ban, Mr Pusey was the director of two financial services companies: IKnow and ISwitchNow – both of which were based in Victoria.
In a statement, ASIC said that Mr Pusey provided seven false statements to ASIC over a number of credit licence applications and compliance statements between 2011 and 2017.
The regulator said that, if left to operate undeterred, Mr Pusey was likely to contravene the current credit legislation and financial services legislation.
As per the conditions of the ban, Mr Pusey has been added to ASIC’s Banned and Disqualified Persons Register.
He is also prohibited from controlling a financial services or credit business and performing any function in relation to a financial services or credit business until August 2031.
Earlier this year, ASIC chair Joe Longo acknowledged that the organisation was entering a new phase in its enforcement and regulatory work.
“This is a very challenging time for ASIC as it emerges from the legacy of the financial services royal commission, the COVID-19 pandemic and recent commission level changes,” Mr Longo said.
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