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Mortgage broker licence cancelled

Mortgage broker licence cancelled

ASIC has cancelled the Australian Credit Licence of mortgage brokerage Wealth First Lending for failing to comply with financial services laws.

An investigation by the corporate regulator found that the brokerage failed to “have adequate arrangements in place to ensure compliance with its general conduct obligations under the National Credit Act, comply with the conditions on its licence and lodge its annual compliance certificate”.

The company also failed to respond to an ASIC notice.

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