The Australian Securities & Investments Commission (ASIC) refused Bakken Holdings Pty Ltd’s application for an Australian credit licence authorisation to provide debt management services. The refusal means Bakken can no longer rely on transitional arrangements that had allowed it to operate while its application was pending and it must cease providing debt management services. Debt management services are regulated under the National Consumer Credit Protection Act 2009, which prohibits unlicensed entities from providing these services. ASIC also reminded credit licensees that section 31 of the Act prohibits them from conducting business with unlicensed persons, and noted that consumers can access free alternatives such as the National Debt Helpline and financial counsellors. Bakken can apply to the Administrative Review Tribunal to seek review of ASIC’s decision.
Australian Securities & Investments Commission 2025-06-13
Australian Securities & Investments Commission refuses Bakken Holdings’ credit licence application for debt management services
The Australian Securities & Investments Commission (ASIC) denied Bakken Holdings Pty Ltd's application for an Australian credit licence to provide debt management services, requiring them to cease operations. Debt management services are regulated by the National Consumer Credit Protection Act 2009. ASIC reminded credit licensees not to conduct business with unlicensed entities and highlighted free alternatives like the National Debt Helpline. Bakken may seek a review by the Administrative Review Tribunal.