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.