Regulator cancels licence over false statements and compliance failings
The Australian Securities and Investments Commission (ASIC) has prohibited Sydney mortgage broker Thi Hoa Trieu from engaging in credit activities for a decade, after finding she made false statements to the regulator and failed to meet key licence obligations.
The ban prevents Trieu from participating in credit activities, from controlling any person who engages in credit activities, and from performing any function involved in credit activities for ten years.
ASIC has also cancelled Trieu’s Australian credit licence, which she had held since October 2011 and under which she offered mortgage broking services, including arranging home loans.
The banning order and credit licence cancellation came into effect on Dec. 8, 2025.
The regulator determined that Trieu breached credit legislation by submitting two annual compliance certificates that contained false or misleading information. In those certificates, she did not disclose that she had been terminated as a broker by two lenders and an aggregator. She also failed to outline that she had adequate arrangements and systems in place to comply with the general conduct obligations imposed on Australian credit licensees.
ASIC further found that Trieu was not a fit and proper person to operate in the credit industry. It concluded that she made false or misleading statements in documents she was required to lodge as a licensee, did not keep books and records evidencing her compliance arrangements, and did not ensure that industry funding levies for her licence were paid on time.
The regulator also formed the view that Trieu was likely to contravene credit legislation in future. It cited a lack of honesty and integrity in submitting documents containing false information, and a lack of understanding of her obligations as an Australian credit licensee. ASIC found she did not demonstrate how she would remedy that lack of understanding.
ASIC maintains a public register listing individuals who have been disqualified from managing corporations, auditing self-managed superannuation funds, or working in the financial services or credit sectors.
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