ASIC Bans Former Finance Analyst for Misconduct

ASIC sends out a firm message that misconduct will not be tolerated

Continuing its efforts to clean up its jurisdiction, ASIC has banned a former finance analyst from the Australian credit and financial services industries. The result was a foregone conclusion when the analyst, Ms. Thuy Thi Vu, was convicted and sentenced in a Darwin court in May.

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Ms. Vu, a former finance analyst in the Darwin branch of Alldrive Holdings Pty Ltd, trading as United Financial Services (Western Australia), was convicted after she admitted that she had provided false and misleading information for nine loan applications that were sent to Esanda, which is a division of Australian and New Zealand Banking Group Ltd (ANZ).

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The applicants, who needed financing, were referred by car yards in the Northern Territory. She had changed the postcodes on the loan applications to show that the applicants were from suburban areas when they were actually in remote areas.

Such applications would have normally been rejected or sent for review, but the change in postcodes helped them to get approved. The loans were approved and disbursed and they totalled A$238,069 ($190,455).

In a statement with regard to the ban, ASIC Deputy Chair Peter Kell said: “Dishonest conduct exposes consumers and credit providers to financial risk. ASIC will not hesitate to take banning action to remove those engaging in misleading conduct from the industry.”

This ban is permanent, though Ms. Vu has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

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