The Australian Securities and Investments Commission (ASIC) has cancelled the Australian credit licence of MWL Financial Services Pty Ltd, which is in liquidation, after the Compensation Scheme of Last Resort (CSLR) paid AUD 90,031.34 to satisfy an unpaid Australian Financial Complaints Authority (AFCA) determination, including interest. The cancellation took effect on Oct. 12, 2026. MWL failed to pay the AFCA determination issued on Nov. 28, 2025, and the CSLR made the compensation payment on Sept. 16, 2026. ASIC was required to cancel the licence following that payment, with no discretion or merits review. MWL must retain AFCA membership until Oct. 12, 2027, allowing complaints against the firm to continue to be lodged. ASIC’s investigation into MWL and related entities remains ongoing.
Australian Securities and Investments Commission cancels MWL Financial Services credit licence after AUD 90,031.34 compensation payment
ASIC has cancelled MWL Financial Services’ Australian credit licence after the CSLR paid AUD 90,031.34 for an unpaid AFCA determination. The mandatory cancellation took effect on Oct. 12, 2026, and MWL must retain AFCA membership for a further 12 months.