In light of the recently updated National Consumer Credit Protection (NCCP) Act, credit providers and credit assistance providers are required to register for an ASIC Australian Credit Licence in order to mitigate risk and regain investor confidence.  Verify undertakes rigorous checking of candidate qualifications and references to avoid unfortunate circumstances such as the recent shocking loss of $123 million in superannuation investments. 

The Albury-based fund manager who managed the superannuation funds, was exposed for fraudulent financial qualifications which are an essential credential when applying for Australian financial services licences.  In addition to providing academic qualifications which later turned out to be false, he had claimed he was a senior portfolio manager in Taiwan prior to working in Albury, Australia.  All was exposed duing the recent public examination held in the NSW Supreme Court, when he admitted his duties and roles served such that of an ‘office boy’. 

Recognisably, the lack of human resource due diligence was an instrumental factor in the company going into liquidation resulting in $400 million of investments being frozen, affecting over 10,000 superannuation investors.  Further investigations are still going ahead.

This phenomenal scandal could and should have been avoided if they had contacted Verify for a background check with Australia’s most comprehensive range of candidate and employee background verification services.
 

‘Know who you’re investing in across the globe.’