| Matt George & Money Choice |
| Rip you off |
| 15th of May, 2013 by The729Club |
ASIC cancels Money Choices licence and bans its director Matthew George
Wednesday 15 May 2013
ASIC has cancelled the credit licence of Money Choice Pty Ltd (Money Choice) and banned its director, Matthew George, after an investigation found failures to comply with credit laws, responsible lending shortfalls and instances of unlicensed self-managed superannuation fund (SMSF) advice.
Mr George, who is the sole director of the Melbourne-based property investment and finance business, has been banned from engaging in credit activities for eight years and from providing financial services for three years.
‘Mr George demonstrated through his conduct that he is not a fit and proper person to engage in credit activities,’ ASIC Deputy Chairman Peter Kell said. ‘This included some instances where Mr George preferred his own interests to those of Money Choice’s clients.’
Mr Kell also said that ‘Mr George was found to have advised some clients to set up a SMSF for the purpose of purchasing property when he was not licensed to provide such advice.’
‘We do not want to see SMSFs become the vehicle of choice for property spruikers and the action we’ve taken against Mr George should serve as a timely warning of ASIC’s intention to ensure compliance with the law.
‘ASIC is committed to improving the standards of advice given to investors regarding the establishment of SMSFs and the investments within the SMSF, including investment properties.’
Between 1 July 2010 and 23 August 2012, Money Choice brokered residential investment loans to more than 40 clients who had purchased a unit on Queensland’s Sunshine Coast. ASIC’s investigation found in brokering some of the loans, Money Choice and Mr George had:
* engaged in unlicensed lending
* been involved in organising loans from the unlicensed developer
* given misleading information to lenders
* failed to meet responsible lending conduct obligations, including failing to verify investor’s financial situation, and
* failed to have adequate arrangements in place to ensure clients were not disadvantaged by conflicts of interests that arose regarding commission payments.
‘Mr George did not competently carry out his duties as responsible manager and key person, and does not have the knowledge and skills to competently operate a credit business,’ Mr Kell said.
Money Choice and Mr George have the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal. |
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