ASIC has permanently banned Mr Keith Son, formerly of Newington, Sydney, from engaging in credit activities and providing financial services after an ASIC investigation found he engaged in dishonest conduct.

Mr Son was the director of VIP Fleet Pty Ltd (VIP), a former Sydney-based motor vehicle finance and insurance broker.

ASIC's investigation found that Mr Son helped numerous customers of VIP apply for motor vehicle finance and arranged for the loan proceeds, totalling approximately $150,000, to be paid directly into a bank account operated by VIP. ASIC found Mr Son failed to pay the loan funds to the motor vehicle dealerships for which they were intended and instead used the money for his own purposes.

Mr Son also arranged insurance policies on some vehicles and collected premium payments from customers but failed to pass on the payments to the insurers.

Deputy Chairman Peter Kell said individuals licensed to provide financial services who blatantly disregard their duties are not welcome in the industry.

‘ASIC will act to remove you from the industry if you fail to comply with financial services laws and breach consumer trust’, Mr Kell said.

Mr Son has a right to review of ASIC's decisions by the Administrative Appeals Tribunal.

ASIC's inquiries into this matter are continuing.

Background

ASIC cancelled the credit licence held by VIP in February 2013.