The Australian Securities and Investments Commission (ASIC) has cancelled the Australian credit licence of Walker Stores Pty Ltd, which is in liquidation, after the Compensation Scheme of Last Resort (CSLR) compensated two complainants whose awards the firm had failed to pay. The cancellation took place on 12 October 2026. Walker Stores must maintain its Australian Financial Complaints Authority (AFCA) membership until 12 October 2027 so complaints against it can still be lodged. AFCA made the two determinations against Walker Stores on 30 June 2026. On 23 September 2026, the CSLR paid the respective complainants AUD 4,106 and AUD 18,310 and notified ASIC. Cancellation is mandatory when a credit licensee fails to pay an AFCA determination and the CSLR subsequently pays compensation. The decision is not subject to discretion or merits review. The cancellation follows earlier enforcement action against Walker Stores, trading as Snaffle. On 18 May 2026, the Federal Court of Australia imposed an AUD 33.5 million penalty on the company for unlawfully overcharging tens of thousands of consumers under credit contracts.
Australian Securities and Investments Commission cancels Walker Stores credit licence following compensation scheme payments
The Australian Securities and Investments Commission cancelled Walker Stores Pty Ltd’s credit licence on 12 October 2026 after the Compensation Scheme of Last Resort paid AUD 4,106 and AUD 18,310 against two unpaid Australian Financial Complaints Authority determinations. Cancellation was mandatory and is not subject to merits review. The company, which is in liquidation, must retain its complaints authority membership until 12 October 2027 so further complaints can be lodged.