ASIC slaps payday lender with ban

by Adam Smith15 Jun 2012

ASIC has handed a five-year ban to an unlicensed payday lender, saying unlicensed lending poses a risk to the public.

Victorian payday lender Victor Manatakis has been banned by the regulator after an investigation uncovered that his business was conducting credit activities without an ACL. Manatakis' business, Billpal, was the operator of payday lending business Cashpal. ASIC found that between August and October of 2011, Billpal issued credit contracts despite the fact it held no licence.

ASIC commissioner Peter Kell said the unlicensed lending could pose a risk to the public.

"People in the consumer credit industry need to be aware of the licensing requirements and the implications they will face if they fail to meet these requirements," Kell said.


  • by Country Broker 15/06/2012 10:19:04 AM

    Why only 5 years

  • by sidbroker 15/06/2012 11:12:10 AM

    Thats all well and good and just another example of ASIC taking on a small business. So now what about showing the same amount of courage and take on the major banks and fuel companies.