Australia financial regulator ASIC has announced that it has cancelled the Australian financial services license (AFSL) and Australian credit license (ACL) of Victorian-based financial services provider and mortgage broker Direct My Wealth Pty Ltd, effective 5 May 2021.

ASIC said that it cancelled the licenses because Direct My Wealth failed to lodge its 2020 audited financial accounts and its annual compliance certificate within 45 days of the annual compliance date, as required under its AFSL and ACL, respectively.

Direct My Wealth also failed to maintain membership of the Australian Financial Complaints Authority (AFCA), is no longer carrying on a financial services business and has ceased to engage in credit activities.

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, ceases to engage in credit activities or fails to meet its legal obligations. This includes 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.

Separately, ASIC said that it has cancelled the Australian financial services license (AFSL) of Robert Bayntun Starky, a financial services provider based in Stanwell Tops, New South Wales.

The cancellation was effective from 29 April 2021.

ASIC cancelled the license because the licensee failed to pay an AFCA determination, resulting in the cancellation of its membership. The licensee also failed to lodge its 2020 audited financial accounts, and maintain professional indemnity insurance cover.

Australian financial services licensees must comply with their license conditions and have adequate resources to provide the financial services covered by their license. ASIC may suspend or cancel an AFSL if a licensee fails to meet its obligations.

Robert Bayntun Starky held AFS license number 300423 since 8 June 2006. The licensee may apply to the AAT for a review of ASIC’s decision.