ob体育 has banned Mr Ding (Tim) Yang, the director of Advanced Choice Finance Pty Ltd (ACF), a Melbourne-based mortgage brokering company, from engaging in credit activities for four years. ob体育 has also cancelled the Australian Credit Licence of ACF.
In July 2012, Mr Yang鈥檚 accreditation as an approved broker with the Bank of Melbourne was terminated, and in April 2016, Advanced Choice and Mr Yang鈥檚 membership with aggregator Connective OSN Pty Ltd, were terminated.
Mr Yang was required, in annual compliance certificates lodged with ob体育, to notify ob体育 of those terminations. ob体育 found that Mr Yang had acted dishonestly in providing false answers to ob体育 in the compliance certificates for ACF in January 2013 and again in January 2017. As a result, ob体育 found that Mr Yang was not a fit and proper person to engage in credit activities.
鈥楧isclosures in our annual compliance certificates are an important mechanism by which ob体育 is alerted to potential issues with licensees. Providing ob体育 with false information prevents ob体育 from properly administering the regulatory scheme for credit licensees.
鈥榦b体育 will look to remove anyone from the credit industry who acts dishonestly in discharging this obligation,鈥� said ob体育 Commissioner Sean Hughes.
The cancellation of ACF鈥檚 credit licence was effective from 14 August 2019. Mr Yang鈥檚 banning is recorded on ob体育鈥檚 Banned and Disqualified Persons Register.
Mr Yang and ACF have the right to appeal to the Administrative Appeals Tribunal for a review of ob体育鈥檚 decision.