Dark Blue Fire has been banned from engaging in consumer credit activities until it complies with the obligation to become a member of an external dispute resolution (EDR) scheme, the Australian Securities and Investments Commission (ASIC) has stated.
The Sydney finance broker ceased to be a member of the Credit Ombudsman Service Limited late last year. However, membership to an approved EDR scheme is compulsory for businesses registered or licensed under the National Consumer Credit Protection Act 2009. Therefore, ASIC has suspended the broker’s credit registration until it complies.
