ASIC has permanently banned Mr Koresh Daniel Houghton, of Endeavour Hills, Victoria from being a mortgage broker and cancelled his Australian credit licence. Mr Houghton was found not to be a fit and proper person to engage in credit activities.

The banning and licence cancellation follow a finding by ASIC in September 2017 that Mr Houghton had engaged in misleading, deceptive and dishonest conduct when providing financial services (refer: 17-329MR).

ASIC found that Mr Houghton had, in the course of providing financial services:

• created false documents by cutting and pasting customer signatures onto a letter nominating Mr Houghton as their adviser;
• completed and submitted insurance application forms on behalf of clients with incorrect information;
• failed to make reasonable enquires into clients' relevant objectives, financial situation and needs; and
• failed to conduct a reasonable investigation into financial products that might achieve the objectives of the clients.

Mr Houghton was permanently banned from providing financial services as a result.

Mr Houghton has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

ASIC's MoneySmart website has guidance for consumers on what to do if their financial adviser has been banned.

Editor’s Note: On 18 November 2021, ASIC ordered that, due to a change in circumstances, the ban on Mr Houghton providing financial services and engaging in credit activities should be varied from a permanent ban to a ban ending 24 September 2023. Accordingly, the ban on Mr Houghton providing financial services and engaging in credit activities was lifted on 24 September 2023.