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Tuesday 6 March 2018

18-064MR ASIC winds up payday lending companies for unpaid fines

ASIC has obtained orders winding up Fast Access Finance Pty Ltd, Fast Access Finance (Beenleigh) Pty Ltd and Fast Access Finance (BurleighHeads) Pty Ltd (the FAF Companies) for their failure to pay fines for breaching consumer credit laws. Mr Anthony Castley of William Buck has been appointed as the liquidator.

In March 2017, the Federal Court fined the FAF Companies a total of $730,000 after finding, in proceedings brought by ASIC, that the FAF Companies breached consumer credit laws by engaging in credit activities without holding an Australian credit licence.

The FAF Companies operated under a business model where consumers seeking small value loans were required to sign documents which purported to be for the purchase and sale of diamonds in order to obtain a loan. The reality was that there were no diamonds and it was  a sham designed to avoid consumer credit laws.

Background

ASIC was successful in obtaining orders against the FAF Companies in September 2015 and fines were imposed in March 2017 (refer: 13-205MR and 17-060MR).

ASIC's MoneySmart website has information for consumers about consumer credit laws, including how to complain about a credit provider.

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Last updated: 15/03/2018 05:34