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Friday 22 December 2017

17-462MR ASIC cancels Wealth First credit licence

ASIC has cancelled the Australian credit licence (licence) of mortgage broker, Wealth First Lending Pty Ltd (Wealth First).

ASIC found that Wealth First 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, Wealth First failed to respond to a Notice issued by ASIC 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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Last updated: 22/12/2017 12:26