ASIC Cracks Down on Non-Compliant Credit Licensees
The Australian Securities and Investments Commission (ASIC) recently took action against several credit licensees, canceling the licenses of seven entities and suspending one, due to various failures in meeting their regulatory obligations. These actions took place between March 24 and July 11, 2025.
The affected licensees include:
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Capital House Pty Ltd (cancelled July 11, 2025)
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David Anthony Ross (suspended June 4, 2025)
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Glove Finance Pty Ltd (cancelled March 25, 2025)
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JTan Pty Ltd (cancelled March 31, 2025)
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M&H Pty Ltd (cancelled July 3, 2025)
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Oz Finance Professional Pty Ltd (cancelled April 2, 2025)
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Peppermint Loans Pty Ltd (cancelled June 27, 2025)
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Sheree Nicole Becker (cancelled June 27, 2025)
The primary reasons for these enforcement actions included:
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Failure to maintain membership with the Australian Financial Complaints Authority (AFCA). This is a legal requirement, as AFCA provides consumers with a free and independent dispute resolution mechanism if they can’t resolve an issue directly with a licensee. ASIC noted that AFCA actively collaborates with them to identify non-compliant members.
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Failure to lodge annual compliance certificates on time.
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Failure to pay industry funding levies owed to ASIC.
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Ceasing to engage in credit activities.
ASIC has the authority to revoke a credit license if a licensee breaches its general conduct obligations under Section 47 of Australia’s Credit Act. This ensures that only compliant entities operate in the credit market, protecting consumers.
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