ASIC has banned Mr Ding (Tim) Yang, the director of Advanced Choice Finance Pty Ltd (ACF), a Melbourne-based mortgage brokering company, from engaging in credit activities for four years. ASIC has also cancelled the Australian Credit Licence of ACF.
In July 2012, Mr Yang’s accreditation as an approved broker with the Bank of Melbourne was terminated, and in April 2016, Advanced Choice and Mr Yang’s membership with aggregator Connective OSN Pty Ltd, were terminated.
Mr Yang was required, in annual compliance certificates lodged with ASIC, to notify ASIC of those terminations. ASIC found that Mr Yang had acted dishonestly in providing false answers to ASIC in the compliance certificates for ACF in January 2013 and again in January 2017. As a result, ASIC found that Mr Yang was not a fit and proper person to engage in credit activities.
‘Disclosures in our annual compliance certificates are an important mechanism by which ASIC is alerted to potential issues with licensees. Providing ASIC with false information prevents ASIC from properly administering the regulatory scheme for credit licensees.
‘ASIC will look to remove anyone from the credit industry who acts dishonestly in discharging this obligation,’ said ASIC Commissioner Sean Hughes.
The cancellation of ACF’s credit licence was effective from 14 August 2019. Mr Yang’s banning is recorded on ASIC’s Banned and Disqualified Persons Register.
Mr Yang and ACF have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
