ASIC has cancelled or suspended twenty-four Australian credit licences (ACL) between 1 January 2021 and 30 June 2021 for failing to be a member of the Australian Financial Complaints Authority (AFCA).

Australian credit licence holders are required by law to join AFCA. AFCA membership gives consumers access to a free, fair, and independent dispute resolution scheme if a complaint is not properly considered by a credit licensee. AFCA provides consumers and small businesses with an alternative to tribunals and courts to resolve complaints.

ASIC works with AFCA to identify financial services licensees and credit licensees that do not comply with their general conduct obligations. Where an entity fails to comply, ASIC will continue to take action to cancel or suspend ACLs.

In the period 1 January 2021 and 30 June 2021, ASIC was satisfied that it was in the public interest to cancel or suspend the ACLs of:

The Trustee for the Cameron & Cheryl Brown Family Trust & The Trustee for the Steven Brown Family Trust (ACL number 392758)
Licence cancelled 25 January 2021;
Orlafield Pty Ltd ACN 060 380 752 (ACL number 393760)
Licence cancelled 1 February 2021;
Auto Solutions Pty Ltd ACN 108 264 928 (ACL number 387081)
Licence cancelled 23 February 2021;
Shiwei Wang (ACL number 437554)
Licence cancelled 5 March 2021;
Home Free Finance Pty Ltd ACN 003 054 591 (ACL number 395600)
Licence cancelled 9 March 2021;
Speed It Thru Spry Pty Ltd ACN 078 890 614 (ACL number 387846)
Licence cancelled 11 March 2021;
V-Jag Pty Ltd ACN 102 535 419 (ACL number 502439)
Licence cancelled 14 March 2021;
Kumaran Investments Pty Ltd ACN 168 984 754 (ACL number 504335)
Licence cancelled 18 March 2021;
Australian Home Loan Financial Services Pty Ltd ACN 168 984 754 (ACL number 402247)
Licence cancelled 26 March 2021;
GMS Financial Services Pty Ltd ACN 139 506 004 (ACL number 395085)
Licence cancelled 29 March 2021;
PBH Wealth Creators Pty Ltd ACN 105 752 234 (ACL number 380166)
Licence cancelled 1 April 2021;
Abbas Amirzoghi (ACL number 387210)
Licence suspended from 1 April 2021 to 24 May 2023;
Easy Being Green Pty Ltd ACN 120 665 714 (ACL number 410931)
Licence cancelled 12 April 2021;
Paul A & Amy L Lambert (ACL number 387635)
Licence cancelled 20 April 2021;
JE Finance Pty Ltd ACN 152 097 553 (ACL number 411016)
Licence cancelled 22 April 2021;
Yarrabank Finance Pty Ltd ACN 134 982 166 (ACL number 395006)
Licence suspended from 27 April 2021 to 26 April 2022;
You Finance Group Pty Ltd ACN 152 570 388 (ACL number 412522)
Licence cancelled 30 April 2021;
Husk Capital Investments (Australia) Pty Ltd ACN 140 169 464 (ACL number 393943)
Licence cancelled 10 May 2021;
Yarraville PFC Pty Ltd ACN 134 922 571 (ACL number 390760)
Licence cancelled 10 May 2021;
Taylors PFC Pty Ltd ACN 112 066 538 (ACL number 390761)
Licence cancelled 10 May 2021;
RTAT Pty Ltd ACN 154 296 965 (ACL number 419712)
Licence cancelled 15 May 2021;
Mark R Taylor (ACL number 377405)
Licence cancelled 24 May 2021;
PNW Finance Service Pty Ltd ACN 126 667 365 (ACL number 391925)
Licence cancelled 27 May 2021; and
Platinum Home Loans Pty Ltd ACN 094 478 270 (ACL number 391296)
Licence cancelled 1 June 2021.

Background

Under the National Credit Act, ASIC has the power to cancel or suspend credit licences.

On 1 November 2018, AFCA was formed to provide external dispute resolution services for consumers that have unresolved complaints with entities providing financial and credit services. AFCA deals with complaints about financial firms including banks, credit providers, insurance companies and brokers, financial advisers, managed investment schemes and superannuation trustees. 

As part of their general conduct obligations, all Australian financial services licensees and ACL holders are required to obtain AFCA membership from 1 November 2018.