ASIC has cancelled the Australian credit licence of a Queensland-based financial broking firm.
Financial Broking Consultants was a finance broking business which organised home, vehicle and low doc loans for consumers in the Maroochydore area in Queensland and more recently in Watsonia, Victoria.
ASIC cancelled its credit licence because Financial Broking Consultants breached a licence condition by failing to appoint an appropriate and competent person to operate the business, despite the regulator raising concerns with the company.
The delay and lack of engagement by Financial Broking Consultants over this issue suggested to ASIC that it was likely to contravene further obligations under the NCCP.
Financial Broking Consultants has not exercised its right to seek a review of ASIC's decision at the Administrative Appeals Tribunal.
The regulator is now warning consumers not to deal with Financial Broking Consultants in relation to consumer loans including home loans, personal loans and car loans.