ASIC Cancels AFS License of Direct My Wealth Pty

ASIC has canceled the AFS license of Direct My Wealth Pty Ltd and that of a financial services provider Robert Bayntun Starky.

May 24, 2021, | AtoZ Markets – The Australian Securities and Investments Commission (ASIC) on Monday announced canceling the Australian financial services license (AFSL) and Australian credit license (ACL) of Direct My Wealth Pty Ltd, effective 5 May 2021.

Why did ASIC cancel the license of Direct My Wealth Pty?

ASIC cancelled the licences of the Victorian-based financial services provider and mortgage broker because it 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.

In addition, Direct My Wealth 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.

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Direct My Wealth held an AFSL since January 13, 2016 and an ACL since January 14, 2016 (AFSL and ACL number 481721).

Reasons why Robert Bayntun Starky's AFS license was cancelled

Meanwhile, the AFS license of Robert Bayntun Starky, a financial services provider based in Stanwell Tops, New South Wales has been cancelled by ASIC.

Robert Bayntun Starky held AFS license number 300423 since June 8, 2006. 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 licence 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.

Both Direct My Wealth and Robert Bayntun Starky can apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

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