The Australian Securities & Investments Commission (ASIC) cancelled three Australian credit licences and suspended one after the licensees failed to hold membership of the Australian Financial Complaints Authority (AFCA), which is a legal requirement for credit licensees and provides consumers access to external dispute resolution. Between 25 July 2025 and 29 August 2025, ASIC cancelled the credit licences of Mortgage Origination Pty Ltd (25 July 2025), Po Hsiung Chai (13 August 2025) and Crown Home Loans & Finance Pty Ltd (29 August 2025), and suspended the credit licence of APL Lending Pty Ltd (4 August 2025). ASIC noted the affected licensees variously failed to maintain AFCA membership, lodge annual compliance certificates on time, pay industry funding levies owed to ASIC, or had ceased engaging in credit activities; AFCA works with ASIC to identify licence holders that do not maintain membership and must notify ASIC if an entity is expelled or withdraws. The licensees may seek review of ASIC’s decisions by the Administrative Review Tribunal.
Australian Securities & Investments Commission 2025-09-03
Australian Securities & Investments Commission cancels three Australian credit licences and suspends one for failing to maintain AFCA membership
The Australian Securities & Investments Commission (ASIC) cancelled three Australian credit licences and suspended one for failing to maintain membership with the Australian Financial Complaints Authority (AFCA), a legal requirement for credit licensees. The affected entities also failed to lodge compliance certificates, pay industry levies, or ceased credit activities. Licensees can seek a review of ASIC's decisions by the Administrative Review Tribunal.