ASIC has cancelled the Australian credit licence of Easy Plan Financial Services Pty Ltd (Easy Plan) following a payment of compensation by the Compensation Scheme of Last Resort (CSLR).
On 18 March 2022, the Australian Financial Complaints Authority (AFCA) made a determination against Easy Plan, which Easy Plan failed to pay. Subsequently, on 14 August 2025, the CSLR paid $84,600 to a person for the AFCA determination and notified ASIC. As a result, ASIC cancelled Easy Plan's licence on 20 August 2025.
Where the CSLR pays compensation to an eligible consumer in relation to an AFCA determination and notifies ASIC of the details of the firm that failed to pay the compensation, ASIC must cancel the Australian financial services licence or Australian credit licence of the firm.
The cancellation is not subject to discretion or merits review.
Background
The CSLR was established in June 2023, commencing operations in April 2024. It can pay up to $150,000 in compensation to consumers who have an unpaid determination from AFCA relating to authorised personal financial advice, credit intermediation, securities dealing or credit provision, and where other eligibility criteria are met.
The AFCA complaint process must first be completed before a claim can be lodged with the CSLR. All reasonable steps to obtain compensation from the financial firm must be taken before a CSLR payment can be made.
ASIC's decision to cancel the AFS licence of Easy Plan follows previous ASIC decisions. ASIC has cancelled seven AFS licences and five credit licences since the commencement of the CSLR.
See:
- 25-067MR ASIC cancels licence of Brite Advisors Pty Ltd
- 25-064MR ASIC cancels licence of Viridian Equity Group Pty Ltd
- 24-262MR ASIC cancels licence of RPD Group Advice Pty Ltd
- 24-256MR ASIC cancels licence of DOD Bookkeeping Pty Ltd
- 24-233MR ASIC cancels the Australian financial services and credit licences of Ultiqa Lifestyle Promotions Limited
- 24-181MR ASIC cancels licence of Libertas Financial Planning
- 24-210MR ASIC cancels licences of Ultimate Credit Management Pty Ltd and Worry Free Finance Pty Ltd
- 24-223MR ASIC cancels licence of Ferratum Australia Pty Ltd
- 25-080MR ASIC cancels licence of Calaite Capital Partners Pty Ltd
