Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

ASIC cancels Sydney broker’s licence

thumbsdown thumbsdown
James Mitchell 4 minute read

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

Advertisement
Advertisement

• 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.

ASIC cancels Sydney broker’s licence
thumbsdown
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Work smarter, not harder, in 2022 and beyond, visit the website here to secure your ticket.

PROMOTED CONTENT


thumbsdown
James Mitchell

James Mitchell

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.

 

 

more from the adviser
Beau Bertoli Greg Moshal 863x385jpg

Breaking News

Prospa squares up against banks, expands SME loan

The ASX-listed lender has flagged a new “all-in-one” business...

small business owner ta

Breaking News

Business credit demand bounces back in NSW

Data from the initial days of NSW reopening after lockdown has sh...

suburb

Breaking News

Hot Property: The biggest property headlines from the week 18-22 October

The weekly round-up of the biggest news stories from across Momen...