ASIC has banned NSW credit representative Brendan John Reynolds from engaging in credit activities, performing any function in a business that engages in credit activities or controlling another person who engages in credit activities, for four* years.

ASIC found Mr Reynolds, a former credit representative and ANZ employee, had failed to meet with home loan applicants, accepted payslips and financial statements from third parties instead of the applicants themselves and failed to take steps to verify the accuracy of those documents, in contravention of credit legislation.

Mr Reynolds’ submitted these loan applications between 2017 and 2018 when he was an ANZ employee.

ASIC also found that in September 2018, Mr Reynolds’ told his licensee, Connective Credit Services Pty Ltd, that he had resigned from ANZ and there were no adverse findings against him, when in fact, his employment had been terminated by ANZ.

In banning Mr Reynolds for five years, ASIC found that he was not a fit and proper person to engage in credit activities.

The banning order took effect from 23 June 2022.

Mr Reynolds’ banning has been recorded on ASIC’s publicly available Banned and Disqualified persons register.

Mr Reynolds has the right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal.

Background

Mr Reynolds was an employee of ANZ between 2005 and August 2018. He held various roles, including as a Senior Personal Banker, Home Loan Specialist, Home and Investment Lending Manager and two appointments as Branch Manager. Mr Reynolds’ misconduct was initially brought to ASIC’s attention by ANZ. 

Between 12 September 2018 and 29 May 2019, Mr Reynolds and his company, Accelerated Mortgage Solutions Pty Ltd, were authorised credit representatives of Connective.

From 2019, Mr Reynolds voluntarily removed himself from the finance and mortgage sector.

Editor's note:

An earlier version of this media release incorrectly referred to Connective Credit Services as Mr Reynolds’ employer. Connective Credit Services was, in fact, Mr Reynolds’ licensee. We have corrected the media release to reflect this.

Editor's note 2:

On 21 July 2022, Mr Reynolds filed an application for review of ASIC's banning decision with the Administrative Appeals Tribunal.

Editor's note 3: 

On 18 March 2024, the Administrative Appeals Tribunal ordered that Mr Reynolds banning period be reduced from five years to four years, commencing on 26 June 2022. The order was made following conciliation between ASIC and Mr Reynolds prior to the hearing of Mr Reynolds’ application.

* The title of the media release and opening paragraph was also amended from “five years” to “four years” on 21 March 2024 to reflect the reduced banning period.