ASIC has cancelled the Australian credit licence of Sydney-based mortgage broking business Wealth First Lending.
ASIC found that Wealth First failed to: have adequate arrangements in place to ensure compliance with its general conduct obligations under the National Credit Act; comply with the conditions on its licence; and lodge its annual compliance certificate.
In addition, Wealth First failed to respond to a notice issued by ASIC requiring the company to lodge a written statement about its credits activities under s49 of the National Consumer Credit Protection Act2009.
Wealth First has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Wealth First Lending is based in St Leonards, NSW.