ASIC cancels licence of Melbourne wealth firm

In a statement, ASIC said it had cancelled Mortgage & General Financial Services’ licence because it had “failed to demonstrate it had the competence and resources to provide financial services and credit activities as required under its licences”.

ASIC said the group had failed to appoint a new key person, which was required under its licence, after the death of a staff member who previously held the role.

The company had also failed to lodge its reports for the 2017, 2018 and 2019 financial years.

“AFSL holders must lodge their financial statements and auditor’s reports annually to demonstrate that they have adequate financial resources to provide the services covered by their licence and to conduct their business lawfully,” ASIC said.

Mortgage & General also held a credit licence, which had been cancelled by the regulator.

It had held its AFSL since 2004.