The Australian Securities and Investments Commission (ASIC) has permanently banned Graeme John Perry, a former finance broker and representative of finance brokers First Charter Mortgage Services Pty Ltd (First Charter), from acting as a representative of a securities dealer or an investment adviser.

'Mr Perry is the sixth WA finance broker banned by ASIC this financial year. This action is part of ASIC's continuing effort to protect the public from the actions of undesirable representatives in the securities industry', ASIC Director Enforcement WA, Stephen Howell said.

Mr Perry was responsible for the day-to-day administration of First Charter's finance broking business.

The ban follows an investigation by ASIC which found Mr Perry had breached the Corporations Law by failing to make reasonable or adequate inquiries on behalf of investors, about the financial position of borrowers and guarantors and their ability to service investor loans.

ASIC also found Mr Perry made misleading and deceptive statements to potential investors in relation to the value of properties that borrowers offered as security, in relation to the financial position of borrowers, and in relation to the purposes for which investor funds would be used.

ASIC believed Mr Perry's conduct indicated that he did not perform his future duties as a representative of a securities dealer or investment adviser efficiently, honestly and fairly and should be banned permanently to protect the public from any future misconduct by him.

'One of ASIC's primary aims is to protect investors and consumers, and when we find that brokers are not fulfilling their legal duties and responsibilities, we will take action against them', Mr Howell said.