ASIC has cancelled the Australian Credit Licence of Melbourne-based Australian Golden Securities Pty Ltd (Australian Golden Securities) (formerly AFS Capital Securities Ltd), effective 25 January 2021.

ASIC cancelled the licence on the basis Australian Golden Securities did not engage in the credit activities authorised by the licence.

Under the National Consumer Credit Protection Act 2009 and National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009, if a licensee held an Australian Credit Licence  before 18 February 2020, ASIC may cancel the licence if the licensee has not engaged in the credit activities authorised by the licence before the end of the 6 month period commencing from 18 February 2020.

Australian Golden Securities Pty Ltd (formerly AFS Capital Securities Ltd) held Australian Credit Licence 363925 from 13 April 2015.

ASIC found that Australian Golden Securities did not engage in the credit activities authorised by its Australian Credit Licence before the end of the 6 month period commencing from 18 February 2020.

Australian Golden Securities may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.