Mortgage Business ASIC takes action in mortgage industry By Sarah Buckley 08 February 2021
ASIC has cancelled a Victoria-based financial firm’s licences after it failed to lodge its accounts and appoint a new ‘key person’.
The Australian Financial Services Licence (AFSL) and the Australian Credit Licence (ACL) of Mortgage and General Financial Services Pty Ltd (Mortgage and General) have both been terminated by the Australian Securities and Investments Commission (ASIC).
The regulator stated that the business had “failed to demonstrate that it had the competence and resources to provide financial services and credit activities as required under its licences”.
It also failed to appoint a ‘key person’ following the death of the individual originally appointed, which violate
Date Time
ASIC cancels financial services and credit licences of Mortgage & General Financial Services Pty Ltd
ASIC has cancelled the Australian financial services licence (AFSL) and Australian credit licence (ACL) of Victoria-based Mortgage & General Financial Services Pty Ltd (Mortgage & General).
ASIC cancelled the AFSL and ACL because Mortgage & General failed to demonstrate that it had the competence and resources to provide financial services and credit activities as required under its licences.
Under the terms of both the AFSL and ACL, Mortgage & General was required to have a ‘key person’. However, following the death of its key person, Mortgage & General failed to appoint a new key person.