The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) and Australian credit licence (ACL) of Direct My Wealth for failure to lodge its 2020 audited financial accounts and annual compliance certificate.
The financial services and mortgage broker had 45 to lodge the documents, as required under its AFSL and ACL, and also failed to maintain member of the Australia Financial Complaints Authority (AFCA).
Under the Corporations Act 2001 and National Consumer Credit Protection Act 2009, ASIC may suspend or cancel an AFSL and ACL if the licensee was no longer providing financial services, ceased to engage in credit activities or failed to meet its legal obligations.
This included its obligations to lodge financial statements, auditor’s reports, and compliance certificates annually, and to hold AFCA membership.
Direct My Wealth held an AFSL since 13 January, 2016, and an ACL since 14 January, 2016, (AFSL and ACL number 481721).
It may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.