ASIC refuse to look at the Banks.........................banks paid Money Choice Guru, Matt George Commissions.  Banks took on the clients from Matt (perhaps 600?) and gladly stitched the people up with unaffordable loans as any IMPRUDENT LENDER would.

No Bank wanted to stop the income stream to Matty.  Too lucrative a business.   He had 17 Banks?Lenders to choose from.  And which aggregators involved?  FAST GROUP of course and STEPHEN KANE.....the conduit to protect the banks.  No-one was protecting consumers.

BFCSA have gathered together over 90 members of Money Choice that are left in a deplorable situation.  They are coming in from three states so far: WA NSW, VIC

I spoke with Matt last year:  He said something extraordinary: I always did a pensioner statement. denise....always”  Meaning he declared to the bank his clients were pensioners.

He was placing all his deals to the banks via aggregators FAST GROUP – Stephen Kane involved in a n few industry committees.

He boasted clients numbering around 600. He was the darling of the Banking World.

Simply banning Matt George will not solve this problem for those whose loans were approved by the numerous greedy Lenders, including the four Major Banks.  ASIC should be looking into the Banking Sector.  No matter what Matt George did, why did Major Banks approve those toxic loans?   I have viewed over 30 documents from this group and all are unclean loans.

PETER KELL told Parliament in February 2013: " we WILLBEEEE getting tough on Spruikers.  But Peter, you told me the same words in 2003 and again in the Melbourne ZOO (dinner courtesy of CP VIC Gov) 2005, same thing again.  Another attack of the "will beees?"

Don't expect Consumer Protection from the Robots at ASIC.  They are Bank Protectors and love their job.   This email address is being protected from spambots. You need JavaScript enabled to view it.

13-106MR ASIC cancels Money Choices licence and bans its director Matthew George

Wednesday 15 May 2013

ASIC has cancelled the credit licence of Money Choice Pty Ltd (Money Choice) and banned its director, Matthew George, after an investigation found failures to comply with credit laws, responsible lending shortfalls and instances of unlicensed self-managed superannuation fund (SMSF) advice.

Mr George, who is the sole director of the Melbourne-based property investment and finance business, has been banned from engaging in credit activities for eight years and from providing financial services for three years.

‘Mr George demonstrated through his conduct that he is not a fit and proper person to engage in credit activities,’ ASIC Deputy Chairman Peter Kell said. ‘This included some instances where Mr George preferred his own interests to those of Money Choice’s clients.’

Mr Kell also said that ‘Mr George was found to have advised some clients to set up a SMSF for the purpose of purchasing property when he was not licensed to provide such advice.’

‘We do not want to see SMSFs become the vehicle of choice for property spruikers and the action we’ve taken against Mr George should serve as a timely warning of ASIC’s intention to ensure compliance with the law.

‘ASIC is committed to improving the standards of advice given to investors regarding the establishment of SMSFs and the investments within the SMSF, including investment properties.’

Between 1 July 2010 and 23 August 2012, Money Choice brokered residential investment loans to more than 40 clients who had purchased a unit on Queensland’s Sunshine Coast. ASIC’s investigation found in brokering some of the loans, Money Choice and Mr George had:

  • engaged in unlicensed lending
  • been involved in organising loans from the unlicensed developer  (BUT BANKS APPROVED THE DIRTY LOANS) Dumb ASIC
  • given misleading information to lenders
  • failed to meet responsible lending conduct obligations, including failing to verify investor’s financial situation, and
  • failed to have adequate arrangements in place to ensure clients were not disadvantaged by conflicts of interests that arose regarding commission payments.

‘Mr George did not competently carry out his duties as responsible manager and key person, and does not have the knowledge and skills to competently operate a credit business,’ Mr Kell said.

Money Choice and Mr George have the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal.