Aggregated News From Investment Management Regulators

ASIC cancels financial services and credit licences of Mortgage & General Financial Services Pty Ltd

Report/Flag

Please complete the required fields.



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.

Mortgage & General also failed to lodge its accounts under its AFSL for the financial years ending 2017, 2018 and 2019. AFSL holders must lodge their financial statements and auditor’s reports annually to demonstrate that they have adequate financial resources to provide the services covered by their licence and to conduct their business lawfully.

Under the provisions of the Corporations Act 2001 and National Consumer Credit Protection Act 2009 respectively, ASIC may suspend or cancel an AFSL or an ACL if the licensee fails to meet their obligations.

Mortgage & General held an AFSL since 1 March 2004 and an ACL since 7 January 2011 (AFSL and ACL number 247413). It may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

This news item was originally published by the Australian Securities and Investments Commission (ASIC AU). For more information, please see the Source Link.

Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

Recent Articles

The SEC Levels Up: Statement on In re Activision Blizzard

Feb. 3, 2023 Today, the Commission announced a $35 million settlement with Activision Blizzard Inc. (“Activision Blizzard”).

Mr William Stephen Cairns (date of Birth 15 January 1949) of Key West, Doyle Road, St Peter Port Guernsey GY1 1RG — GFSC

Date of prohibition order pursuant to section 33 of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 and prohibited functions: From 2 February 2023 until 2 July

Mr Du Preez Gert Vermeulen (Date of Birth 5 August 1987) of Doyle Court, Doyle Road, St Peter Port Guernsey GY1 1RD

Date of prohibition order pursuant to section 33 of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 and prohibited functions: From 2 February 2023 until 2 Mar

Publication of a Notice of the fact of a Prohibition Order and a Discretionary Financial Penalty — GFSC

On 2 February 2023, the Commission imposed discretionary financial penalties as follows:  Mr William Stephen Cairns (“Mr Cairns”) a financial penalty of £133,000; and  Mr Du Preez Gert Vermeulen (“M

Get the latest from Regulatory.News in your inbox!

×