ASIC cancels Vontelle Pty Ltd credit licence
The Australian Securities and Investments Commission (ASIC) stated it has cancelled the Australian credit licence held by Vontelle Pty Ltd (Vontelle).
ASIC found that from around September 2016, Vontelle had not complied with its obligation to maintain the competence to engage in credit activities.
In particular, ASIC was concerned that although James David Gibbs was listed as the key person for the credit licence, he had ceased to be an officer of Vontelle or to perform duties for the licensee.
Vontelle had not notified ASIC that Mr Gibbs ceased to be key person, nor had it applied to vary this condition of its licence.