ASIC has cancelled seven Australian credit licences and suspended one Australian credit licence for failing to hold Australian Financial Complaints Authority (AFCA) membership.
Licensees are required by law to be a member of AFCA. AFCA membership gives consumers access to a free, fair, and independent dispute resolution scheme if a complaint cannot be resolved internally by a licensee.
From 24 March 2025 to 11 July 2025, ASIC cancelled or suspended the credit licences of:
- Capital House Pty Ltd - licence cancelled 11 July 2025
- David Anthony Ross - licence suspended 9 May 2025
- Glove Finance Pty Ltd - licence cancelled 24 March 2025
- JTan Pty Ltd - licence cancelled 24 March 2025
- M&H Pty Ltd - licence cancelled 30 June 2025
- Oz Finance Professional Pty Ltd - licence cancelled 28 March 2025
- Peppermint Loans Pty Ltd - licence cancelled 28 May 2025, and
- Sheree Nicole Becker - licence cancelled 25 June 2025.
AFCA works with ASIC to identify credit licence holders that do not maintain AFCA membership.
If an entity is expelled from the scheme or requests to withdraw membership, AFCA must notify ASIC. Where an entity fails to comply, or is otherwise in breach of general conduct obligations, ASIC will continue to take action to cancel AFS licence or credit licences.
The licensees have varyingly:
- failed to be a member of AFCA
- failed to lodge annual compliance certificates on time
- failed to pay industry funding levies owed to ASIC
- ceased to engage in credit activities.
The licensees have the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision.
Background
Under section 55 of the Credit Act, ASIC has the power to cancel a credit licence if a credit licence holder has contravened its general conduct obligations under section 47. This includes the obligation to be a member of AFCA and the obligation to comply with the credit legislation. Section 53(1) of the Credit Act outlines the obligation to lodge an ACC and is defined as credit legislation in section 5 of the Credit Act.
Under section 54(1)(d) of the Credit Act, ASIC may cancel a credit licence if the levies and late payment penalties relating to those levies have not been paid in full within 12 months after the due date for payment.
