Australian Securities & Investments Commission cancels Easy Plan Financial Services’ Australian credit licence after CSLR pays AUD 84,600

The Australian Securities & Investments Commission (ASIC) has cancelled the Australian credit licence of Easy Plan Financial Services Pty Ltd after the Compensation Scheme of Last Resort (CSLR) paid compensation linked to an unpaid Australian Financial Complaints Authority (AFCA) determination. The AFCA determination was made on 18 March 2022 and was not paid by Easy Plan; on 14 August 2025 the CSLR paid AUD 84,600 to a person in respect of that determination and notified ASIC, leading to ASIC’s licence cancellation on 20 August 2025. ASIC noted that where the CSLR pays compensation to an eligible consumer in relation to an AFCA determination and notifies ASIC of the firm that failed to pay, ASIC must cancel the firm’s Australian financial services licence or Australian credit licence, and the cancellation is not subject to discretion or merits review. The CSLR, established in June 2023 and operational since April 2024, can pay up to AUD 150,000 for unpaid AFCA determinations in areas including authorised personal financial advice, credit intermediation, securities dealing or credit provision, subject to eligibility requirements, completion of the AFCA process and reasonable steps to recover compensation from the firm; ASIC added that it has cancelled seven Australian financial services licences and five credit licences since the CSLR commenced.