The Administrative Appeals Tribunal (AAT) has upheld ASIC’s decision to permanently ban former credit representative, Shiv Sahay from providing financial services and engaging in credit activity.
On October 22, 2015, Mr Sahay applied to the AAT for a review of ASIC’s decision. On August 9, 2016, the AAT decided the permanent bans imposed by ASIC were appropriate in the circumstances.
According to the AAT decision, Mr Sahay’s conduct ‘involved deliberate and repeated action by him to provide false information to lending authorities including the creation of false documents to support the applications lodged by him’ and ‘was irresponsible and significantly inconsistent with the orderly operation of the financial market.’
In coming to the decision, the AAT took into consideration the need to protect the public from the conduct of Mr Sahay and the need to maintain the integrity of the financial services and credit industries to ‘deter others from engaging in activity such as that being considered in this matter.’