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ASIC cancels Sydney broker’s licence

by James Mitchell1 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

• 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.

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James Mitchell

James Mitchell

AUTHOR

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

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