ASIC has suspended the Australian credit licence (ACL) of Transitional Funding Pty Ltd (Transitional Funding) for six months until 17 June 2026.
ASIC suspended Transitional Funding's licence for failing to comply with conditions on its licence relating to the Key Person requirements. This condition requires an Australian credit licensee to notify ASIC in writing, within five business days, of the Key Person ceasing to perform duties and to lodge an application for a variation of this condition that includes the name of a proposed new key person and their educational qualifications and experience.
ASIC also found that Transitional Funding had failed to pay industry funding levies owed to ASIC.
The licence suspension took effect on 19 December 2025.
Transitional Funding has the right to apply to the Administrative Review Tribunal for a review of ASIC's decision.
Background
Transitional Funding has held Australian credit licence no. 453383 since 17 April 2014.
In the period of the suspension, the licensee is expected to remedy the compliance failures or risk further action by ASIC, including cancellation of the licence.
Section 55 of the National Consumer Credit Protection Act 2009 (Cth) allows ASIC to suspend or cancel an Australian credit licence if, among other things, ASIC believes that the licensee is likely to contravene its general conduct obligations.
