09/12/2016 - 10:34

Banished finance broker’s appeal denied

09/12/2016 - 10:34

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A former Get Approved Finance broker has had his appeal denied after a tribunal backed an earlier decision to permanently ban him from the industry.

A former Get Approved Finance broker has had his appeal denied after a tribunal backed an earlier decision to permanently ban him from the industry.

The Administrative Appeals Tribunal affirmed the Australian Securities and Investments Commission’s decision to ban Grant Parker from engaging in credit activities and providing financial services permanently, after Asic found he had engaged in deceptive conduct.

Mr Parker is one of five brokers to have been found engaging in questionable conduct while working for Victoria Park-based car financing business Get Approved. He and his former colleagues Eric Pryor, Lachlan McDonald, Julie Vanzyl and Rana Hepi were all found to have misled clients with poor credit histories into believing they would be approved for vehicle finance if their loan applications were supported by guarantors.

Mr Parker was banned by the watchdog in April, and he lodged an appeal shortly after.

“In affirming the Asic decisions, the AAT found that a permanent banning order of Mr Parker was appropriate as he had intentionally misled his clients, third parties and Esanda (a subsidiary of ANZ Banking Group, which is Get Approved’s credit provider) and his dishonest conduct was repeated and premeditated,” Asic said in a statement.

“The AAT also found that there was reason to believe that Mr Parker has contravened and was likely to contravene credit and financial services legislation, that he was not a fit and proper person to engage in credit activities and that he was not of good fame and character.”

Asic’s investigation into Get Approved remains ongoing.

Get Approved was the trading name of Jeremy (WA) Pty Ltd, which has been directed by prominent car salesman John Hughes since last year.

Prior to that, the business was led by Mr Hughes’ son, Jeremy Hughes, from 2007 to 2014.

There is no evidence to suggest John or Jeremy Hughes were involved or aware of the misconduct by brokers employed by Get Approved.

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