ASIC has cancelled the Australian credit licences of Queensland-based credit licensees Tracie Lee Hanson and William James Lawrence.

Ms Hanson failed to lodge three annual compliance certificates, had been expelled from the Australian Financial Complaints Authority due to non-payment of fees, and failed to pay industry funding levies owed to ASIC for three years. Her credit licence cancellation took effect on 4 October 2024.

Mr Lawrence failed to pay industry funding levies owed to ASIC for six years. His credit licence cancellation took effect on 28 January 2025.

Ms Hanson and Mr Lawrence have a right to apply to the Administrative Review Tribunal for a review of ASIC’s decision.

Background

Ms Hanson held Australian credit licence no. 394121 since 10 January 2011.

Mr Lawrence held Australian credit licence no. 394648 since 16 June 2011.

The cancellation of the credit licences is part of ASIC’s ongoing efforts to improve compliance across the credit industry.

Under section 54(1)(d) of the National Consumer Credit Protection Act 2009 (Cth) (Credit Act), ASIC has the power to cancel or suspend a credit licence if a leviable entity has not paid in full at least 12 months after the due date for payment the amount of the levy, and an amount of late payment penalty (if any) in relation to the levy.

Under section 55 of the Credit Act, ASIC has the power to cancel or suspend a credit licence if a credit licence holder has contravened its general conduct obligations under section 47. This includes the obligation to be a member of AFCA and the obligation to comply with the credit legislation. Section 53(1) of the Credit Act outlines the obligation to lodge an ACC and is defined as credit legislation in section 5 of the Credit Act.