ASIC cancels Australian credit licence of Sydney broker

The Australian Securities and Investments Commission (ASIC) announced it has cancelled the Australian credit licence of Dean Mooney Pty Ltd, a Sydney-based finance broking firm, after it was found it failed to hold membership of an approved external dispute resolution scheme (EDR).

On 17 January 2011, Dean Mooney Pty Ltd was granted a licence to engage in credit activities relating to credit contracts, consumer leases, related mortgages and guarantees, and credit services.

On 12 October 2011, Dean Mooney Pty Ltd's EDR membership was cancelled by the Financial Ombudsman Service Limited (FOS), one of the two EDR schemes approved by ASIC. The membership was cancelled by FOS due to non-payment of membership fees. Further, Dean Mooney Pty Ltd did not hold membership with the Credit Ombudsman Service Limited, the only other ASIC approved EDR scheme.

Dean Mooney Pty Ltd has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

The Australian credit licence was cancelled with the effective date of 2 July 2012.