ASIC cancels Sydney broker's credit licence

ASIC found the company failed to comply with conditions of its licence among other infringements

ASIC cancels Sydney broker's credit licence



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. 

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