ASIC has permanently banned Wayne Saman from providing financial services and engaging in credit activities and has cancelled the Australian credit licence of his finance broking company Freedom Financial Consultants Pty Ltd (FFC). ASIC found Mr Saman had been involved in business practices that were fraudulent, misleading or otherwise improper.
This banning follows an investigation by ASIC into Mr Saman’s conduct concerning two home loan applications that he had submitted to Auswide Bank for a family member and a close relation in December 2016 and September 2017. The loans were submitted through his finance broking company, which held an Australian credit licence.
ASIC’s investigation found Mr Saman was not of good fame and character and was not a fit and proper person to engage in credit activities because he knowingly submitted incorrect documents and information concerning the applicant’s financial situation in the loan applications. Mr Saman also failed to disclose that he had a personal relationship with the applicants. The failure to disclose the applicant’s correct financial situation and his personal relationship was intentional, untruthful and resulted in unjust benefits and exposure to additional risks. ASIC’s investigation concluded that the incorrect matters concerned material information in that it was information provided to support the relevant loan applicant and without which the loan application was likely to fail.
ASIC also found that FFC had failed to notify ASIC in its 2018 Annual Compliance Certificate that its fit and proper person, Mr Saman, had had his accreditation with Auswide Bank cancelled in December 2017, and his accreditation with the aggregator Custom Equity Group Pty Ltd (CEG) terminated in February 2018.
The banning of Mr Saman is part of ASIC’s ongoing effort to improve lending standards across the credit industry. The banning will be recorded on ASIC’s publicly available Banned and Disqualified Persons Register.
Mr Saman has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.
ASIC issued FFC with an Australian credit licence in February 2011. Mr Saman is FFC’s sole director and fit and proper person under the licence.
From 21 January 2014 to 2 February 2018, Mr Saman was accredited with the aggregator CEG. The accreditation permitted Mr Saman to submit loans to Auswide Bank.
In November 2017, Auswide Bank notified ASIC of Mr Saman’s conflict of interest in the two loans. In December 2017, CEG cancelled Mr Saman’s accreditation with Auswide Bank and suspended his membership. In February 2018, CEG terminated Mr Saman’s accreditation.
Published by Australian Securities & Investments Commission. Reproduced with permission.