ASIC has signalled its intention to enforce the credit licensing requirements by issuing the first credit infringement notice for unlicensed credit activities.
The infringement notice has a penalty of $27,500 and was issued to a Sydney-based mortgage broker.
ASIC alleges the company continued to advertise it provided credit services on its website, despite being notified by ASIC that continued advertising may be in breach of the National Consumer Credit Protection Act 2009, because it was not registered, authorised or licensed to provide credit services.
