The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) and Australian credit licence (ACL) of Victoria-based Mortgage and General Financial Services.
ASIC cancelled both licences because the firm failed to demonstrate that it had the competence and resources to provide financial services and credit activities as required under its licences.
Under the terms of both licences, it was required to have a ‘key person’, which it failed to replace after its previous one died.
It also failed to lodge its accounts under its AFSL for the financial years ending in 2017, 2018 and 2019.
The firm held an AFSL since 1 March, 2004, and an ACL since 7 January, 2011.
It may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
