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Tuesday 24 August 2021

21-222MR ASIC bans former broker Richard Pusey from financial services and credit for 10 years

ASIC has banned Melbourne-based former mortgage broker Richard Pusey from providing financial services and engaging in credit activities, controlling a financial services or credit business, and performing any function in relation to carrying on a financial services or credit business for a period of 10 years.

Mr Pusey was a director of IKnow (Vic) Pty Ltd (IKnow), which held a credit licence between 2011 and 2015. Mr Pusey is the director of ISwitchNow Pty Ltd, which held a credit licence between 2015 and 2019. IKnow (from 2005) and Mr Pusey (from 2013) were also authorised to provide general financial product advice as authorised representatives of Australian Life Insurance Distribution Pty Ltd.

ASIC was satisfied that Mr Pusey: 

  • provided seven false statements to ASIC in a number of credit licence applications and annual compliance statements between 2011 and 2017; 
  • lacks the attributes of good character, honesty, and judgement;
  • has no regard  for the law;
  • cannot be relied upon to comply with directions issued from authorities;
  • is likely to contravene credit legislation and financial services legislation; and
  • is not a fit and proper person to participate in the financial services and credit industries.

Mr Pusey’s banning took effect on 6 August 2021.

The banning of Mr Pusey has been recorded on ASIC’s Banned and Disqualified Persons Register.

Moneysmart.gov.au has useful information for consumers about using a mortgage broker, how to choose a financial adviser, how to complain about a financial adviser and how to complain about a business.

Last updated: 24/08/2021 02:36