Powered by MOMENTUM MEDIA
the adviser logo
Broker

ASIC cancels credit licence of Queensland broker

by Reporter1 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]

banned  x

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

Stephen Hale ta

MFAA launches near-prime, specialist loan resource

Coined Finance for when your customer doesn’t fit the mould: A broker’s guide to near-prime and...

READ MORE
Daniel Newell Gedda

Specialist lender LoanU rebrands to Gedda

The personal and auto loan provider LoanU, which specialises in helping Australians with impaired credit histories...

READ MORE
tech tools

CBA introduces AI technology to combat scams

New figures released by the competition watchdog this week have revealed that Australians lost more than $2 billion...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more