The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Viridian Equity Group Pty Ltd after the Compensation Scheme of Last Resort (CSLR) paid compensation relating to unpaid Australian Financial Complaints Authority (AFCA) determinations against the firm. AFCA made three determinations against Viridian Equity on 31 October 2024 which were not paid, leading the CSLR to make three payments totalling AUD 450,000 on 11 March 2025 and notify ASIC. ASIC cancelled the licence on 17 April 2025; where the CSLR pays compensation for an AFCA determination and notifies ASIC of a firm that failed to pay, ASIC must cancel the firm’s AFS licence or credit licence, and the cancellation is not subject to discretion or merits review. ASIC noted the CSLR can pay up to AUD 150,000 per eligible consumer for unpaid AFCA determinations in specified financial services areas, and that it has cancelled five AFS licences and four credit licences since the CSLR commenced operations.
Australian Securities & Investments Commission 2025-04-28
Australian Securities & Investments Commission cancels Viridian Equity Group’s AFS licence after CSLR pays AUD 450,000 for unpaid AFCA determinations
The Australian Securities & Investments Commission (ASIC) cancelled Viridian Equity Group Pty Ltd's financial services licence after the Compensation Scheme of Last Resort (CSLR) paid AUD 450,000 for unpaid Australian Financial Complaints Authority (AFCA) determinations. ASIC's action on 17 April 2025 was mandatory, as CSLR requires licence cancellation when compensation is paid for unpaid AFCA determinations. Since CSLR's inception, ASIC has cancelled five AFS licences and four credit licences.