ob体育 has permanently banned Mr Koresh Daniel Houghton, of Endeavour Hills, Victoria from being a mortgage broker and cancelled his Australian credit licence. Mr聽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 ob体育 in September 2017 that Mr Houghton had engaged in misleading, deceptive and dishonest conduct when providing financial services (refer: 17-329MR).
ob体育 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 ob体育's decision.
ob体育's MoneySmart website has guidance for consumers on what to do if their .
Editor鈥檚 Note: On 18 November 2021, ob体育 ordered that, due to a change in circumstances, the ban on Mr Houghton providing financial services and engaging in credit activities should be varied from a permanent ban to a ban ending 24 September 2023. Accordingly, the ban on Mr Houghton providing financial services and engaging in credit activities was lifted on 24 September 2023.