The Administrative Appeals Tribunal (Tribunal) has reduced the banning period for former mortgage broker, Michael Wilkins, from聽three years to 18 months.
Mr Wilkins of Watanobbi, NSW, was banned by ob体育, from providing financial services for聽three years on 31 January 2018 (18-027MR).听
The ob体育 delegate had found that Mr Wilkins had acted dishonestly and/or improperly towards clients by completing loan application forms on behalf of clients, having clients sign incomplete forms, and hiding from Westpac that the loans were for self-managed superannuation funds.
The ob体育 delegate found that Mr Wilkins had put information in the loan applications submitted to Westpac that was 鈥榝alse in a material particular鈥�, and that on five occasions in June and July 2010, Mr Wilkins submitted loan applications on behalf of clients in which he deliberately overstated their savings by between approximately $130,000 and $179,000.
Mr Wilkins sought a review of ob体育鈥檚 decision in the Tribunal and a decision was delivered on 22 August 2019. The Tribunal accepted ob体育's contention that the applicant had put information that was 鈥榝alse in a material particular鈥� in loan documents submitted to Westpac but found that there was insufficient evidence to make a finding of dishonesty in relation to client forms or the nature of the loans. For this reason, the Tribunal concluded that a shorter banning order was justified.
When deciding that an 18-month banning order was appropriate, the Tribunal stated 鈥榯he declarations of accuracy and completeness required in standard form loan applications of major financial institutions (and other credit providers) may appear formulaic and routine. But they mean what they say. Any significant failure to appreciate that reality, and to observe the requirement of scrupulous honesty underlying it, is likely to merit the sanction of a banning order. That sanction is appropriate in Mr Wilkins鈥� circumstances.鈥�
A copy of the Tribunal鈥檚 decision and reasons for decision can be found .