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ASIC reveals frozen credit licences, overturned conviction

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Sarah Simpkins 9 minute read

ASIC has made 24 cancellations and suspensions of Australian credit licences during the first half of the year, as an ex-broker has had his criminal conviction overturned.

Guodong Liu, a former mortgage broker and director of Wealth Investment Milestone and Aus Mortgage (AUS), has had his criminal conviction for providing false statements to ASIC overturned, following an appeal to the NSW District Court.

On 27 November 2020, Mr Liu had been convicted of three counts of knowingly making a false statement in documents lodged with ASIC and fined $9,000.

He subsequently lodged an appeal on 15 December.


Mr Liu’s appeal was heard by the District Court on 29 July, with his conviction and fine being overturned.

However, he was still found guilty of the offences and placed on a two-year good behaviour bond.

Mr Liu had his lender accreditation with ANZ suspended in 2016. Months later, he completed and lodged a credit licence application on behalf of AUS, where he falsely certified that none of the company’s nominated fit and proper people had their accreditation cancelled or suspended by a lender (he was nominated as a fit and proper person).

In January and December 2017, Mr Liu, as the sole fit and proper person on Wealth Investment Milestone’s (WIM) licence, completed and submitted to ASIC a credit licence annual compliance certificate. He again falsely certified that none of WIM’s fit and proper people had accreditation cancelled or suspended by a lender.

Credit licences suspended and cancelled


Meanwhile, the corporate regulator also revealed it had cancelled or suspended the licences of 24 Australian credit licensees over failure to become a member of the Australian Financial Complaints Authority (AFCA) – a legal requirement for licensees.

In the period between 1 January and 30 June, ASIC deemed 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.

The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has welcomed ASIC’s announcement that they have cancelled or suspended Australian credit licences for failing to be a member of the Australian Financial Complaints Authority (AFCA).


He said: “AFCA provides free, fast and binding dispute resolution to small businesses, saving them time and money by significantly reducing the need for litigation.

“Small businesses do not have the time or the money to hire lawyers and challenge banks and other financial institutions through the court system to get a fair outcome to a financial complaint.

“If a finance provider that is an AFCA member can’t resolve a complaint directly with a customer, including a small business customer, AFCA decides what a fair and appropriate outcome is and the decision is binding on the financial firm.

“This is a really important service as finance is the oxygen of enterprise, yet too often small and family businesses feel powerless in sorting out complaints they may have with finance providers.  

“This move by ASIC serves as a timely and critical reminder to small businesses to ensure the lender or financier they are considering dealing with is an AFCA member," he said.

The ASBFEO continued: “Small business borrowers can only access AFCA’s free and independent dispute resolution ‘umpire’ process for their financial complaints if their lender is an AFCA member.

“Not all lenders are AFCA members – in fact many are not – and small businesses need to be aware of the risks and inability to reach out to AFCA to decide a matter.

“My office regularly hears from small businesses that have taken out a loan or some kind of financing deal with a non-AFCA member, and end up in a dispute they are not able to resolve.

“My office can and does help with seeking to facilitate a resolution via mediation, but can’t determine and impose a fair outcome like AFCA can when the finance provider is an AFCA member.

“My tip is to always check out your financing options with an AFCA member for your own piece of mind.”

[Related: Government releases new compensation legislation for consultation]

ASIC reveals frozen credit licences, overturned conviction
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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is the news editor across Mortgage Business and The Adviser.

Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.

You can contact her on This email address is being protected from spambots. You need JavaScript enabled to view it..


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