ASIC has cancelled the Australian credit licence of Accumulus Capital Pty Ltd (Accumulus).

The Australian credit licence was cancelled because Accumulus had failed to pay ASIC Industry Funding Levies (levies) and related late payment penalties within 12 months after the due date for payment. Accumulus had also not engaged in credit activities since the licence was granted.

Cancellation took effect on 4 July 2024.

Accumulus may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Background

Accumulus held Australian credit licence number 300311 since 24 December 2014.

Under paragraph 54(1)(d) of the National Consumer Credit Protection Act 2009 (Act), ASIC may cancel an Australian credit licence if the levies and late payment penalties relating to those levies have not been paid in full within 12 months after the due date for payment.

Under subsection 54(1A) of the Act, ASIC may cancel an Australian credit licence if it does not engage in credit activities authorised by the licence before the end of 6 months after the licence is granted.