ASIC bans mortgage broker and cancels Global Edge licence

The Australian Securities & Investments Commission has banned Angie Skouras for four years from engaging in credit activities and cancelled the Australian credit licence of Global Edge Finance Group Pty Ltd (Global Edge) after an investigation found it had failed to comply with rules. 

In his role as the sole director, manager and key person on the licence of mortgage and finance company Global Edge, Skouras did not ensure the company’s compliance under the credit legislation.

ASIC found that Global Edge failed to:

• Lodge Annual Compliance Certificates for the 2014 and 2015 years;

• Hold current membership with an ASIC approved external dispute resolution scheme; and

• Comply with two adverse determinations made by the Credit and Investments Ombudsman requiring the payment of $197,231 and $129,021 respectively. 

As a result, Skouras was not fit to engage in credit activities, it ruled.

ASIC Commissioner Greg Tanzer said, 'While ASIC expects directors of companies to manage the affairs in strict abeyance with the law, there is a heightened expectation if they provide financial and credit services to consumers. As this case shows, directors who fail to meet those standards will be held to account and face significant consequences.”