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.