The Australian Securities & Investments Commission has cancelled the Australian credit licence of GS-APAC Pty Ltd after the Compensation Scheme of Last Resort paid compensation for an unpaid Australian Financial Complaints Authority determination against the firm. The Australian Financial Complaints Authority made the determination on 28 November 2024 and GS-APAC failed to pay it. The Compensation Scheme of Last Resort paid AUD 51,998.15 on 9 October 2025 and notified ASIC, triggering mandatory cancellation on 27 October 2025; the cancellation is not discretionary and is not subject to merits review. ASIC also reiterated that the scheme, established in June 2023 and operating from April 2024, can pay up to AUD 150,000 for unpaid AFCA determinations across specified financial services activities where eligibility criteria are met, and requires claimants to complete the AFCA process and take all reasonable steps to recover from the firm. As part of the cancellation order, GS-APAC must maintain its membership with AFCA for a further 12 months until 23 October 2026, allowing complaints about the firm to be lodged with AFCA up to that date.

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