ASIC has cancelled the Australian Financial Services licence (AFSL) and Australian Credit licence (ACL) of Victorian-based financial services provider and mortgage broker Direct My Wealth Pty Ltd, effective 5 May 2021.
On 4 May 2021, Direct My Wealth’s director confirmed to ASIC that it had not carried on a financial services or credit business since December 2018. On this basis, ASIC decided to cancel Direct My Wealth’s AFSL and ACL.
Under the Corporations Act 2001 and National Consumer Credit Protection Act 2009, ASIC may suspend or cancel an AFSL and ACL if the licensee is no longer providing financial services or ceases to engage in credit activities.
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.
On 26 July 2021, ASIC amended this media release to clarify the reasons for the cancellation of Direct My Wealth’s AFSL and ACL.