The Australian Securities & Investments Commission (ASIC) has cancelled seven Australian credit licences and suspended one after the licensees failed to maintain membership of the Australian Financial Complaints Authority (AFCA), which is mandatory and provides consumers access to external dispute resolution. Between 24 March 2025 and 11 July 2025, ASIC cancelled the licences of Glove Finance Pty Ltd (25 March), JTan Pty Ltd (31 March), Oz Finance Professional Pty Ltd (2 April), Peppermint Loans Pty Ltd (27 June), Sheree Nicole Becker (27 June), M&H Pty Ltd (3 July) and Capital House Pty Ltd (11 July), and suspended the licence of David Anthony Ross (4 June). ASIC also cited varied failures across the group to lodge annual compliance certificates on time, pay ASIC industry funding levies, and in some cases ceasing to engage in credit activities. AFCA works with ASIC to identify credit licensees that do not maintain membership and must notify ASIC when an entity is expelled or withdraws from the scheme. The affected licensees can appeal ASIC’s decisions to the Administrative Review Tribunal.
Australian Securities & Investments Commission 2025-07-17
Australian Securities & Investments Commission cancels seven credit licences and suspends one for failing to maintain AFCA membership
The Australian Securities & Investments Commission (ASIC) cancelled seven Australian credit licences and suspended one for not maintaining mandatory membership with the Australian Financial Complaints Authority (AFCA). This occurred between 24 March and 11 July 2025, affecting entities like Glove Finance Pty Ltd and Capital House Pty Ltd. ASIC also noted failures in lodging annual compliance certificates, paying industry funding levies, and ceasing credit activities. Affected licensees may appeal to the Administrative Review Tribunal.