Recent News - News Article

McKenzie LawyersPty Ltd

Meet our key principals

Click here to meet and greet the people behind the name.

Send this page to a friend or family member.

Do you know of some one who is need of this information, Click here to send them a link to this page.

Give us your feedback!

At ML we value your feedback, please feel free to click here and express your matters so we can serve you better!

Director of unlicensed payday lender banned

9/10/2017 8:23:19 PM

The Australian Securities and Investments Commission (ASIC) has banned Robert Legat from engaging in credit activities for a period of three years following the penalty decision of the Federal Court on 10 March 2017.

The Court had previously found that payday lenders Fast Access Finance Pty Ltd, Fast Access Finance (Beenleigh) Pty Ltd and Fast Access Finance (Burleigh Heads) Pty Ltd (the FAF Companies) breached consumer credit laws by engaging in credit activities without holding an Australian credit licence.

The FAF Companies used a business model which used the sale and purchase of diamonds to provide loans to consumers (the diamond model). The Federal Court found that the diamond model was designed to conceal the true nature of the transaction, which was the provision of credit. As such the FAF companies should have held an Australian credit licence under the National Credit Act.

ASIC found that Mr Legat created and caused the FAF companies to implement the diamond model, which was designed to circumvent the 48% legislative interest rate cap that would have been applicable to the loans. This conduct demonstrated a lack of judgement, integrity and professionalism on Mr Legat's part and a disregard for the law. ASIC determined that Mr Legat is not a fit and proper person to engage in credit activities.

"The National Credit Legislation contains important protections for consumers. ASIC will take action against people who seek to deprive consumers of these protections," ASIC Deputy Chair Peter Kell said.

Mr Legat has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

 
Our Locations

Katoomba

164 Katoomba St,
Katoomba NSW 2780
Ph: 02 4704 4310

Sydney - By Appointment.

Level 11/ 65 York St,
Sydney NSW 2000
Ph: 02 8014 5829

We're mobile!

McKenzie Lawyers are now mobile. Certain areas only - click here to enquire now!

For each settled matter this month enjoy a free movie ticket on us *.
© 2016, McKenzie Lawyers, 164 Katoomba St, Katoomba, NSW 2780 | (02) 4704 4310 Disclaimer | Privacy Policy

Recent News

Takata airbag warning ahead of holidays 11/12/2017 9:17:35 PM
read more

Merrill Lynch Equities (Australia) Ltd pays $140,000 in infringement notice penalty 8/12/2017 8:25:21 PM
read more

ACCC homes in on better broadband speed info for consumers 6/12/2017 1:16:05 AM
read more