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BFCSA: CBA again but Planner cops the life ban. ASIC failure to protect consumers of toxic lending is CHRONIC.

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ASIC banks broker over fake approval letter

    ED:  So why did ASIC FAIL yet again to lay charges against the Bank Staff who approved the loan?  Those who failed to check the validity of the letter?  Hello?  One phone call could have averted this disgraceful situation!  ASIC bleat that its not corruption....so what is it?  The Bank approved an imprudent loan based upon a fake letter so where is the justice?  The bank engaged in Maladministration in Lending.  One Perth Broker did not cause this Tsunami of Debt.  The CBA have thousands of similar loans. ASIC know that as FACT.  Mr Chu should turn whistleblower on an industry out of control.  This email address is being protected from spambots. You need JavaScript enabled to view it.
by Australian Broker | 17 Jul 2013
 

A Perth-based mortgage broker has been permanently banned from engaging in credit activities after an ASIC investigation found that he had falsified a letter stating finance approval had been provided for a client.

Eric Ying Ching Chu was formerly employed by Mortgage Specialists Pty Ltd as a trustee for the Janet Smith Family Trust trading as Specialist Mortgage.

ASIC's investigation found that after falsifying the letter, Chu then forwarded that letter to a settlement agent so that CBA would issue a loan in the amount of $256,000.

ASIC banned Chu on the basis that he was not a fit and proper person to engage in credit activities.

‘ASIC takes the role of gatekeepers very seriously. People who do not take their obligations seriously will be removed from the industry,’ said Deputy Chairman Peter Kell.

Chu has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

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  • doyla66
    doyla66 Wednesday, 17 July 2013

    Half the job, Kell - how long before the rest is done?

    Peter Kell and ASIC have only done half the job.
    Why no charges against CBA staff who approved the loan that resulted from Mr Chu's fake letter.
    Get on the page ASIC and check the Law and the latest cases involving this type of misconduct.
    ASIC seem to be very out of date and out of touch with Australian community expectations on consumer protection and enforcement of the Law across the board. This includes Banks !!

  • doyla66
    doyla66 Thursday, 18 July 2013

    ASIC takes the role of gatekeepers very seriously. People who do not take their obligations seriously will be removed from the industry,’ said Deputy Chairman Peter Kell.
    When are you going then Peter Kell? You have not taken your obligations seriously. I complained to ASIC about the Commonwealth bank about my application being falsified and your organisation did nothing. What is ASIC for if not to protect the consumer? The CBA have thousands of similar loans. ASIC know that as FACT. When are you going to do your job and look into them? Or are they too close to for comfort or just too hard for you?? Step down and give the job to somebody who is willing do the job that ASIC is paid to do!

  • doyla66
    doyla66 Friday, 19 July 2013

    MELBOURNE BASED BROKER GIVEN SLAP ON THE WRIST

    Denise will know exactly who I am talking about. The Melbourne based Broker/Company Managing Director was given a SEVEN YEAR BAN by ASIC for his part in Playing funny buggers with the SELF MANAGED SUPER SCHEME. They almost totally forgot about his many victims he had put into Overpriced Overstated Real Estate with trails of shonky Vendor Financing and Falsified Trumped up Property Valuations, that bit only got a 3 year trading suspension. WHAT A JOKE The Broker they finally put to the sword is held to account for $256.000 Mr CHU is small fry (never the less deserves being barred from the industry) But the MELBOURNE BASED BROKER I SPEAK OF is in the UPPER END of the LEAGUE and is not BANISHED FROM THE INDUSTRY FOREVER. The penalty applied is not indicative of the crime, the MELBOURNE BASED BROKER should never be allowed to hold a licence in any property or investment related industry for life as he has already shown a perpensity for exploiting the trust of his INVESTORS.
    ASIC seems to fail to understand that people give their full trust that these so call PROFESSIONALS that THEY LICENCE and we are lead to believe they the BROKERS are supposed to be working in the benifit of their customers (thats us folk) only to find out they are only working for their own gratification. No matter the amount of DUE DILIGENCE you perform as the customer you will not sniff out the crooks until the crime is commited. That is where ASIC and the other GOVERNING BODIES of these industries come into play, they LICENCE them and take the registration of business FEES but they dont POLICE them well enough or assist in paying back their victims. Of course their is another side to all of this in that the BANKS must sign off on these DEALS I wonder how these DEALS slip through, oh and why ASIC isnt checking into these little slip ups.

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