ASIC Cancels Direct My Wealth Licences

ASIC has cancelled the Australian economic services and credit licences of Victorian-based mostly Direct My Wealth after it didn't lodge its 2020 audited financial bills and its annual compliance certificate as required.

Direct My Wealth, which had held the licences when you consider that January 2016, also didn't keep membership of the Australian monetary Complaints Authority (AFCA), and is no longer conducting financial features company.

ASIC can also suspend or cancel the licences if the licensee is not any longer providing economic capabilities, ceases to have interaction in credit score actions or fails to fulfill its felony responsibilities.

Direct My Wealth’s LinkedIn page says it became established in 2015 and offered insurance, accounting, and personal loan broking features, based in Port Melbourne. It lists specialities as monetary and retirement tips and assurance and wealth protection

“Our group of authorities bring a personalized approach to helping you strategise and manage your finances,” it says.

The enterprise may additionally observe to the administrative Appeals Tribunal for a evaluate of ASIC’s resolution.