ASIC has cancelled the Australian credit licence held by a South Australian company.
ASIC found that from around September 2016, Vontelle Pty Ltd (Vontelle) had not complied with its obligation to maintain the competence to engage in credit activities.
In particular, ASIC was concerned that although Mr James David Gibbs was listed as the key person for the credit licence, he had ceased to be an officer of Vontelle or to perform duties for the licensee.
Vontelle had not notified ASIC that Mr Gibbs ceased to be the key person, nor had it applied to vary this condition of its licence.
Vontelle has been the holder of an Australian credit licence since 11 February 2011.
According to ASIC, Vontelle has operated as a mortgage broking company that primarily assists clients in securing finance for purchasing a property or refinancing a loan. The business operated from 84 Franklin Street, Adelaide.
Mr Gibbs was the sole director of Vontelle from 25 November 2011 until 5 September 2016. Since 5 September 2016, Mrs Helena Anna Gibbs has been sole director.
Mr Gibbs has been the sole key person for Vontelle's credit licence since 11 April 2014.
ASIC's investigations into Mr Gibbs are continuing.