Parker and Australian Securities and Investments Commission

This matter concerned an appeal by Mr Parker against decisions made by the Australian Securities and Investments Commission (ASIC) to issue permanent banning orders. One order prohibited Mr Parker from engaging in any "credit activity," and the other prohibited him from providing any "financial services." The dispute centred on Mr Parker's conduct in his role as a finance broker, where he contended that he was acting in accordance with training provided by his employer and was unaware of any non-compliance with relevant legislation.

The Tribunal was required to determine whether a banning order should be made against Mr Parker in relation to credit activities. This involved considering whether Mr Parker had contravened or been involved in contraventions of credit legislation, whether he was likely to do so in the future, and whether he was a fit and proper person to engage in credit activities. Similarly, for financial services, the Tribunal had to assess whether Mr Parker had failed to comply with or been involved in contraventions of financial services law, whether he was likely to do so, and whether he was of good fame or character. If banning orders were deemed appropriate, the Tribunal also had to determine their terms and duration.

The Tribunal considered Mr Parker's submissions that he believed his actions were correct, as he was trained in a specific method for handling "guarantor" loans and was unaware of the lack of compliance. He argued that as a new entrant to the industry, he relied on his employer, Get Approved, to provide correct training and uphold ASIC guidelines. However, the Tribunal's reasoning, though not fully detailed in the provided text, ultimately led it to affirm ASIC's decisions.

The Tribunal affirmed the decisions under review.