ASIC cancels finance registrations
Just months after having taken jurisdictional responsibility for credit registrations, the Australian Securities and Investments Commission (ASIC) has enforced its first two cancellations.
The regulator announced on Friday that it had cancelled the registrations of two Queensland operators under the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009.
The registrations cancelled pertained to Dennis Ian Grant of Coochiemudlo Island and Express Finance Solutions Pty Ltd.
Explaining its decision, ASIC said that the cancellation of Grant’s registration had followed an investigation into his application for registration, which revealed that he was an undischarged bankrupt.
It said that Express Finance Solutions Pty Ltd was a company in which Grant was the company secretary and had been found not to be a member of an approved dispute resolution scheme as required by the act.
ASIC said statements contained within the Express Finance Solutions application for registration had been found to be false.
AUTHOR
Mike Taylor
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