NSW credit representative gets five-year ASIC ban

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An NSW credit representative has copped a five-year ban from ASIC for not being “a fit and proper person to engage in credit activities.”

Brandon John Reynolds was banned from engaging in credit activities, performing any action in a business that engages in credit activities, or controlling another person who engages in credit activities, starting June 23.

ASIC surveillance showed that Reynolds, a former credit representative and ANZ employee, had failed to meet with home loan applicants, accepted payslips and financial statements from third parties instead of the applicants themselves, and failed to take steps to verify the accuracy of those documents, in contravention of credit legislation.

The loan applications were submitted between 2017 and 2018 when Reynolds was still an ANZ employee. He had been with ANZ since 2005 in a number of roles, including as a senior personal banker, home loan specialist, home and investment lending manager, and branch manager.

ASIC also found that in September 2018, Reynolds told his employer, Connective Services, that he had resigned from ANZ and that there were no adverse findings against him, when he was, in fact, fired.

Reynolds has the right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal.

                                                                          

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