ASIC’s decision comes after the mortgage broker was deemed unfit to engage in credit activities
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by Australasian Broker
A Victorian mortgage broker has received a permanent ban from ASIC after the industry regulator deemed him unfit to engage in credit activities.
Koresh Daniel Houghton, of Endeavour Hills, has been barred from being a mortgage broker and had his Australian credit license cancelled.
The decision comes six months after ASIC found Houghton had engaged in misleading, deceptive and dishonest conduct when providing financial services.
According to the commission, Houghton created false documents, submitted insurance application forms with incorrect information, failed to make reasonable enquires into clients’ individual circumstances and failed to conduct reasonable investigations into financial products that might achieve the objectives of the clients.
Houghton was also permanently banned from providing financial services as a result of the transgressions. He does, however, have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
This article was first published in our sister publication Australian Broker.
