The regulator has cancelled the Australian credit licence (ACL) of a Sydney-based mortgage broker.
In a statement today (22 December), ASIC said that is has cancelled the licence of Wealth First Lending Pty Ltd (Wealth First) after the broker failed to:
• Have adequate arrangements in place to ensure compliance with its general conduct obligations under the National Credit Act;
• Comply with the conditions on its licence; and
• Lodge its annual compliance certificate.
In addition, ASIC noted that Wealth First failed to respond to a notice issued by the regulator requiring the company to lodge a written statement about its credits activities under s49 of the National Consumer Credit Protection Act 2009.
Wealth First has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
The business lender has rolled out a new broker platform, as it h...
Brokers are key to holding lenders to account to ensure borrowers...