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Monday 12 March 2018

18-069MR ASIC permanently bans Victorian mortgage broker

ASIC has permanently banned Mr Koresh Daniel Houghton, of Endeavour Hills, Victoria from being a mortgage broker and cancelled his Australian credit licence. Mr Houghton was found not to be a fit and proper person to engage in credit activities.

The banning and licence cancellation follow a finding by ASIC in September 2017 that Mr Houghton had engaged in misleading, deceptive and dishonest conduct when providing financial services (refer: 17-329MR).

ASIC found that Mr Houghton had, in the course of providing financial services:

  • created false documents by cutting and pasting customer signatures onto a letter nominating Mr Houghton as their adviser;
  • completed and submitted insurance application forms on behalf of clients with incorrect information;
  • failed to make reasonable enquires into clients' relevant objectives, financial situation and needs; and
  • failed to conduct a reasonable investigation into financial products that might achieve the objectives of the clients.

Mr Houghton was permanently banned from providing financial services as a result.

Mr Houghton has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

ASIC's MoneySmart website has guidance for consumers on what to do if their financial adviser has been banned.

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Last updated: 15/03/2018 05:39