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ASIC cancels credit licence of Queensland broker

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Reporter 1 minute read

The corporate regulator has cancelled the Australian credit licence of a Queensland brokerage.

Financial Broking Consultants was a finance broking business organising home, vehicle and low-doc loans for consumers in the Maroochydore area in Queensland and more recently in Watsonia, Victoria, according to an ASIC statement.

ASIC cancelled its credit licence because Financial Broking Consultants breached a licence condition by failing to appoint an appropriate and competent person to operate the business, despite ASIC raising concerns with the company.

ASIC said the delay and lack of engagement by Financial Broking Consultants over this issue suggested that it was likely to contravene further obligations under the National Consumer Credit Protection Act 2009 (Cth).

Financial Broking Consultants has not exercised its right to seek a review of ASIC's decision at the Administrative Appeals Tribunal.

The corporate watchdog warned consumers that they should not deal with Financial Broking Consultants in relation to consumer loans including home loans, personal loans and car loans.

The cancellation of Financial Broking Consultants' Australian credit licence was effective 7 July 2015.

[Related: Regulator cancels credit licence of Queensland group]

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