ASIC has cancelled the Australian financial services licence (AFSL) and Australian credit licence (ACL) of Victorian-based financial services provider and mortgage broker Direct My Wealth Pty Ltd, effective 5 May 2021.
ASIC cancelled the licences because Direct My Wealth failed to lodge its 2020 audited financial accounts and its annual compliance certificate within 45 days of the annual compliance date, as required under its AFSL and ACL, respectively.
Direct My Wealth also failed to maintain membership of the Australian Financial Complaints Authority (AFCA), is no longer carrying on a financial services business and has ceased to engage in credit activities.
Under the Corporations Act 2001 and National Consumer Credit Protection Act 2009, ASIC may suspend or cancel an AFSL and ACL if the licensee is no longer providing financial services, ceases to engage in credit activities or fails to meet its legal obligations. This includes its obligations to lodge financial statements, auditor's reports, and compliance certificates annually, and to hold AFCA membership.
Direct My Wealth held an AFSL since 13 January 2016 and an ACL since 14 January 2016 (AFSL and ACL number 481721). It may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC's decision.
