Asic bans third Get Approved broker

The corporate watchdog has banned a third former Get Approved Finance broker from providing credit and financial services, after she was found to have engaged in misconduct.

The Australian Securities and Investments Commission has banned Rana Hepi of Port Kennedy from providing credit and financial services for eight years, after finding she was found to have misled three clients with poor credit histories into believing they would be approved for vehicle finance if their loan applications were supported by guarantors.

It follows news in July that two of Ms Hepi’s now-former colleagues, Eric-John Pryor and Lachlan McDonald, were permanently banned from engaging in credit activities or providing financial services for similar conduct while working for Get Approved.

Asic deputy chairman Peter Kell said the banning sent a strong message to any broker considering behaving dishonestly or recklessly.

“Asic will not hesitate to remove those who engage in dishonest and misleading conduct from the industry for a significant period of time,” he said.

In October, ANZ Banking Group subsidiary Esanda, which is Get Approved’s credit provider, agreed to compensate over 70 borrowers who took out car loans worth more than $1.38 million through Get Approved between 2011 and 2014.

Asic is continuing its investigation.