ob体育 has permanently banned Daniel Kenneth Wilson from engaging in credit activities. Mr Wilson wrote and submitted loans for customers buying vehicles from Combined Motor Traders, a Cranbourne used-car dealership, between 2013 and 2014.
ob体育 found that five of the loans submitted by Mr Wilson and approved by Esanda, a division of ANZ, contained false information relating to income verification and employment status.
In banning Mr Wilson, ob体育 also took into consideration Mr Wilson's adverse criminal record, which included convictions for theft and possessing counterfeit money.
'ob体育 will not hesitate to remove those from the industry who think that submitting false information to lenders is an acceptable practice' said ob体育 Deputy Chairman, Peter Kell.
'Lenders need to ensure they have proper procedures in place to supervise those submitting loan applications. If commissions are driving fraudulent applications, change needs to occur.'
ob体育's investigations in this matter are ongoing.聽(Refer:聽16-456MR and 17-134MR)
Mr Wilson has the right to seek a review of ob体育鈥檚 decision to the Administrative Appeals Tribunal.
Background
ob体育 has taken actions against a number of other loan-writers, representatives or brokers operating in the car finance market, including:
- permanently banning four brokers: Mr Eric-John Pryor, Mr Lachlan McDonald (), Mrs Julie Vanzyl () and Mr聽Grant Parker (16-132MR).
- banning a broker, Ms Rana Hepi, for eight years ().
Car dealerships may operate under an exemption, commonly known as the 鈥榩oint of sale鈥� exemption (POS exemption). The POS exemption allows a car dealership to provide assistance to consumers to obtain finance from licensed credit providers. The proceeds of the finance can only be used to pay for goods and services supplied by the dealership.
ob体育's MoneySmart website has helpful information for consumers on , as well as the , which helps people work out the real cost of buying a car.