ASIC has cancelled the Australian credit licence (ACL) of Sydney-based credit licensee John Adicho.

Mr Adicho failed to lodge six annual compliance certificates with ASIC, 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.

Mr Adicho has the right to apply to the Administrative Review Tribunal for a review of ASIC’s decision.

Background

Mr John Adicho was granted an Australian credit licence no. 406505 on 5 October 2011.

ASIC previously suspended Mr Adicho's Australian credit licence - see media release: 24-164MR ASIC suspends Australian credit licence of John Adicho.

The cancellation of the credit licence 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) (National 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.