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AAP
AAP
Politics
Colin Brinsden, AAP Economics and Business Correspondent

Watchdog suspends 24 credit licences

ASIC says Australian credit licence holders are required by law to join AFCA. (AAP)

The company watchdog has suspended 24 credit providers in the first six months of this year for failing to be a member of the Australian Finance Complaints Authority.

The Australian Securities and Investments Commission says Australian credit licence holders are required by law to join AFCA.

It says AFCA membership gives consumers access to a free, fair, and independent dispute resolution scheme if a complaint is not properly considered by a credit licensee.

AFCA provides consumers and small businesses with an alternative to tribunals and courts to resolve complaints.

"ASIC works with AFCA to identify financial services licensees and credit licensees that do not comply with their general conduct obligations," the commission said in a statement on Monday.

"Where an entity fails to comply, ASIC will continue to take action to cancel or suspend (Australian credit licences)."

In the period January 1 to June 30, ASIC cancelled or suspended the following:

* The Trustee for the Cameron & Cheryl Brown Family Trust & The Trustee for the Steven Brown Family Trust

* Orlafield Pty Ltd

* Auto Solutions Pty Ltd

* Shiwei Wang

* Home Free Finance Pty Ltd

* Speed It Thru Spry Pty Ltd

* V-Jag Pty Ltd

* Kumaran Investments Pty Ltd

* Australian Home Loan Financial Services Pty Ltd

* GMS Financial Services Pty Ltd

* PBH Wealth Creators Pty Ltd

* Abbas Amirzoghi

* Easy Being Green Pty Ltd

* Paul A & Amy L Lambert

* JE Finance Pty Ltd

* Yarrabank Finance Pty Ltd

* You Finance Group Pty Ltd

* Husk Capital Investments (Australia) Pty Ltd

* Yarraville PFC Pty Ltd

* Taylors PFC Pty Ltd

* RTAT Pty Ltd

* Mark R Taylor

* PNW Finance Service Pty Ltd

* Platinum Home Loans Pty Ltd

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