The Australian Securities and Investments Commission investigation into Get Approved Finance has lead to the permanent banning of former Perth-based finance broker Mr Grant Aaron Parker from engaging in credit activities and providing financial services.
Mr Parker’s banning comes after he misled vulnerable clients with poor credit histories in vehicle financing contracts. He caused clients to believe their vehicle finance would be approved if their loan applications were supported by guarantors, then he dishonestly prepared loan applications solely in the names of the proposed guarantors without those persons’ knowledge or consent. Additional, Mr Parker was found by ASIC to have facilitated the issuing of financial products in his client’s’ name and inflating loan amounts by selling and financing insurance and warranty products without his client’s’ knowledge or consent.
Prior to Mr Parker’s banning, four other former Get Approved Finance brokers were banned from engaging in credit activities or providing any financial services, for similar conduct. These were the permanent banning’s of Mr Eric-John Pryor, Mr Lachlan McDonald, and Mrs Julie Vanzyl; and the 8 year banning of Ms Rana Hepi.
As an update on the prior ASIC media release reported by CCLS here, Esanda’s commitment to compensate borrowers for car loans organised by Get Approved Finance has resulted in refunds of over $570,000 to approximately 60% of these borrowers, as at April 2016. The remaining borrowers are at various stages of the remediation process.
Please click here for ASIC’s media release.
If you have been affected by the issues in this media release, please contact CCLSWA on (08) 9221 7066.